(CercleFinance.com) – Stifel remains long on the Elis share and maintains its target price of 19.50E.
‘Fiscal 22 results are broadly in line with expectations, but we note higher FCF (helped by lower capex)’, begins the analyst.
The outlook for FY23 is ‘solid, with most targets in line with forecasts’, continues Stifel, who however deplores a ‘relatively conservative’ revenue target.
It is important to note the analyst concludes ‘that the financial leverage ratio should be further reduced by 2 times by the end of the year’.
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