(Boursier.com) — Derichebourg fall of almost 7% to 4.30 euros in a political context that is still very heavy on the Paris stock market. Portzamparc nevertheless remains optimistic on the file for H2, with Ebitda expected at 164 ME by the analyst, against a range between 158 and 168 ME according to management. Enough to aim for a price of 8.20 euros and stay on the purchase.
The company managed to surprise positively in Q1 on its FCF generation despite pre-announced results, explained TP ICAP Midcap.
Derichebourg revealed an EBITDA of 142 ME, in line with its profit warning. Unsurprisingly, the group’s activity experienced a sharp slowdown in the first half, but the group was able to limit its contraction in line with its markets. The positive point of the publication therefore lies in the generation of FCF which amounted to 31 ME over the half-year despite the 21% drop in EBITDA and a very high amount of Capex (82% of revenue). ‘EBITDA).
Despite difficult market conditions, the group’s profitability should mechanically benefit from the reduction in energy bills and the recovery of Elior while the company should significantly reduce its debt, the majority of Capex having been spent. The WCR should therefore be a support for cash generation which should not be neglected, according to the broker, when ‘purchasing’ on value. Furthermore, the impact of the cyber attack should now be behind us…
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