(Boursier.com) — Up at the opening, Emeis now falls by 2.3% to 13.2 euros the day after the announcement of a consolidated turnover of 1.374 billion euros in the first quarter, an increase of 11.3%. The high level of organic growth of 9.6% results from the increase in the average occupancy rate of +2.1 points, a sustained rate increase effect and the positive impact of the contribution of establishment openings carried out.
For Oddo BHF, this publication gives the feeling that Emeis is clearly more in line with a return to a more regular growth trajectory, therefore turning the page of falling operating costs, especially since the financial restructuring has been completed. Little by little, the group should become more proactive in its communication with the Equity community. The multiples are distorted by the recovery, but the recovery is underway. In this context, it no longer seems appropriate to maintain an ‘underperformance’ opinion, underlines the broker, which therefore moves to ‘neutral’ with a target raised from 12 to 15 euros.
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