(CercleFinance.com) – Oddo maintains its ‘underperformance’ rating on Elior shares, with an unchanged price target of 2.8 euros.
The broker recalls that yesterday, in session, Elior and Derichebourg acknowledged continuing discussions on a possible contribution by Derichebourg of its Multiservices branch to Elior, a branch which essentially includes cleaning / cleaning activities (turnover estimated by ODDO BHF at 940 ME ).
In this context, Oddo is imagining several scenarios: (1) the contribution of Multiservices assets by Derichebourg in exchange for a higher stake in Elior’s capital; (2) option 1 accompanied by a request for an exemption from Derichebourg’s mandatory takeover bid.
‘Option 2 seems to us to be the most interesting and the most credible’, indicates the analyst.
‘Nevertheless, from a purely operational point of view, we still consider that the improvement at Elior will be slower than its competitors, with a risk on the 2024 objectives, which seem ambitious to us’ concludes Oddo.
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