(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on Alten, but lowers its price target for the share from 167 to 146 euros.
The analysis office indicates that if the return on assets (ROA) is up 52% in the 1st half (to 208.6 ME, i.e. 3% above expectations), the FCF constitutes ‘the black point’ of the publication, being limited to 1.1 ME when the broker was counting on… 50 ME.
Based on the good growth embarked on at the end of June 2022, and in the absence of a significant slowdown in the coming months, Alten nevertheless believes that it will be able to post organic growth well above 10% in the second half.
‘The range of 12% to 15% mentioned during the publication of the Q2 turnover last July remains credible’, judges Oddo.
‘After taking into account this S1 performance above expectations, the unchanged S2 outlook and the latest acquisitions, we are raising our 2022 and 2023 ROA forecasts by 5% and 6% but we are lowering our FCF’, concludes the analyst.
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