(CercleFinance.com) – Oddo confirms its Outperformance opinion and maintains its price target at 117E.
The analyst points out that the management of Eiffage has confirmed the dynamics of the work despite the inflationary environment. As of June 30, 2022, the works order book was up 9% compared to June 30, 2021 (vs +2% for Vinci and +1% for Bouygues), notes Oddo.
Motorway concessions will weigh on the future, notes Oddo. ‘After the plan contract of 400 ME which should be validated by the Council of State, Eiffage has shown itself to be quite confident about the ability of the motorway concessionaires to reach an agreement with the French government.
Supported by this good momentum of works and motorway traffic, the analyst raises his EBIT estimates by 2.1% for 2022 and confirms his Outperformance recommendation. ‘Eiffage is one of the best immunized groups in our environment against current macroeconomic risks, while the valuation remains attractive. ‘
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