(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on Bolloré shares with an unchanged price target of 7.2 euros.
Yesterday, the group published its 2023 results yesterday and held its analyst conference immediately. EBITA comes out to 994 ME when Oddo BHF was counting on 1020 ME.
‘The Bolloré Logistics activity is deconsolidated from this result but was only sold on 02/29 for a net impact of E3.7 billion on net cash flow,’ specifies the analyst.
‘Our net cash flow forecast comes to €5 billion in 2024 with the cash from Bolloré Logistics but before taking into account the cash outflow linked to the public offer on Multichoice (~E1.7 billion in the event of repurchase of the 100% of the minority interests) and excluding Vivendi’, adds Oddo BHF.
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