(CercleFinance.com) – Séché Environnement gained nearly 3% in Paris, while earlier today Oddo confirmed its outperformance rating on the stock with a price target raised from 112 to 130 euros, after the publication last night , annual results ‘in line with expectations’.
Contributed revenue (excluding IFRIC/TGAP) thus came to 895.3 ME (874.7 ME estimated) reflecting an increase of 14.4% on an organic basis, exceeding the guidance which was aimed at the top of the range (+5/10%).
In addition, EBITDA stands at 201.6 ME (202.6 ME estimated, 196.7 ME for the cs), the ROC shows an increase of 27.7% (+50 bp) and the NIpg +57%.
Oddo recalls that this organic dynamic is all the more remarkable as the base effect was high (+9.2% during the previous financial year).
The outlook for 2023 is also higher than expected and “particularly attractive”, underlines the analyst.
‘The management is aiming for an EBITDA margin close to 22%, ie an EBITDA of approximately 220 ME, 5% higher than our estimates (+7% vs the cs)’, reports the broker.
In this context, “we expect a 2021/25 CAGR of +11.5% for EBITDA, +17% for EBIT and 29% for EPS”, concludes Oddo.
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