(CercleFinance.com) – Oddo BHF reaffirms its ‘neutral’ opinion on Derichebourg, but with a price target lowered from six to five euros, in the wake of an adjustment of its estimates (-5.5% for EBITDA , -10.5% for 2023 EBIT) for the services group.
‘The group’s valuation remains particularly modest (3.8 times 2024 EBITDA, 6.3 times EBIT for a PE of 4.5 times) i.e. a discount of 40% compared to its historical ratios’, recognizes the analyst in charge of the file.
‘However, visibility remains limited for the activity, and the integration of Elior’s results with a recovery from 2024 remains a challenge which must be confirmed,’ warns Oddo BHF.
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