(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ opinion on Derichebourg, as well as its target price of five euros, the day after a protocol for the sale of its multiservices division to Elior, in exchange for a strengthening of its participation in the latter.
Taking into account the contribution of Elior’s stake, new scope, by equity method excluding synergies, the analyst estimates the impact on Derichebourg’s EPS at -21% in 2023 and +15% in 2024 (subject to Elior’s recovery).
Oddo judges Derichebourg’s current valuation to be ‘modest, but corresponding to high-cycle ratios’ and sees the macroeconomic context as ‘less favorable to the group’s cyclical activities with an expected EBITDA down 20% in 2023’.
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