(CercleFinance.com) – Alten is up nearly 2% in Paris, while Oddo announced this morning to maintain its ‘outperformance’ rating on the stock, with a price target raised from 165 to 176 euros.
The analysis office relies on Alten’s results deemed ‘solid’ in 2022, with an operating profit of 11.1%, higher than expectations (vs ODDO BHF & Css: 10.9%) and the group’s historical standards, despite an effect unfavorable prices/wages.
Oddo highlights solid 2023 growth prospects. Management expects a slight deterioration in the MOA vs 2022, but remaining at a level above 10% (vs ODDO BHF: 10.4%).
Alten also unveiled its 2023-2026 development plan which targets an MOA greater than or equal to 10% and a number of engineers of around 70,000 by 2026, implying an average annual growth close to 9%, reports the analyst.
‘Alten is currently trading at less than 10x VE/EBIT fwd 12 months, which represents an opportunity’, concludes the broker.
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