(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on Alten, with a price target raised from 150 to 165 euros.
The analysis office reports that Alten published a Q4 turnover of 1,000 ME on Friday after trading, slightly above expectations (vs ODDO BHF: 996 ME; Css: 965 ME). Organic growth came out at 14.9%, broadly in line with expectations (vs ODDO BHF: 13.9% y/y org.; Css: 15.4% y/y org.).
‘This is a good publication, with solid growth in Q4 but above all a margin slightly above expectations, and an FCF which should be good. In addition, the tone is reassuring for the start of 2023 and the group seems to be able to achieve growth well above the 7% level expected by the Consensus, while the erosion of the operating margin is already expected. , reacts Oddo.
The broker recalls that in H2 2022, Alten’s management expects an MOA at the top of the range indicated previously (10.2% to 10.5%), which reflects an MOA of around 10.9 % for 2022 (Css: 10.8%).
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