(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Assystem shares with a price target raised from 57 to 60 euros.
The analyst recalls that Assystem announced last night that it had sold its 5% stake in the capital of Framatome to EDF (unsurprisingly, sovereignty requires), after having acquired it in December 2017 at the time of the recapitalization of Framatome and the dismantling from Areva. The transfer price is 205 ME.
‘This announcement is obviously not surprising but positive in terms of the timing and the sale price (we feared a less generous ‘political price’)’, underlines Oddo BHF.
In order to crystallize the value of this asset (205 ME), the broker indicates that it is mechanically raising its price target.
According to Oddo BHF, ‘the current price values the core business <9x EBIT (i.e. one round less EV/EBIT after this announcement), an attractive level given the prospects for Nuclear in particular'
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