(CercleFinance.com) – Oddo BHF reiterates its ‘outperformance’ opinion on Elis with an adjusted price target of 22 to 24.5 euros, highlighting ‘a discount of more than 30% on these comparables while in recent months , the group demonstrated excellent resilience of its FCF’.
‘In 2023, we note a good capacity to cope with price increases and significant productivity effects. These factors, coupled with the relaxation of energy prices, will support the 2024 results, estimates the analyst in charge of the file.
The research office also highlights a reduction in the leverage ratio (DN/EBITDA 2024 to 1.8 times compared to 2.1 times in 2023) compatible with an ‘investment grade’ rating which, according to it, ‘will enable a recovery a more offensive acquisition strategy’.
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