(Boursier.com) — FDE fell by 7.3% to 44 euros, punished after the announcement of half-yearly revenues down 15% to 17.6 million euros. Management nevertheless confirmed its objectives of annualized turnover of more than 100 ME, EBITDA of more than 50 ME, combined with more than 10 million tonnes of CO2eq emissions avoided per year by 2026.
Turnover is unsurprisingly penalized by the unavailability of the GRT Gaz network, notes TP ICAP Midcap. The broker reiterates its ‘buy’ rating and its target of 78.2 euros, reassured by the latest developments: Bleu Lorraine concession, white hydrogen exploration permit currently being awarded, acceleration of growth in mine gas and in green hydrogen. The stock, which currently trades on an EV/EBITDA multiple of 8.9x for 2024, should benefit from a flow of news which should improve visibility, with the communication of the Lorraine business plan (scheduled for March 7) and the CMD planned for Q2 which will update the 2025-26 roadmap. The stock is in the broker’s 2024 top pick.
For its part, Oddo BHF explains that for the mine gas recovery activity, price hedging helps mitigate the impact of the drop in market prices. The Cryo Pur activity should begin to contribute to the group’s results before 2026. As a reminder, the contribution of this activity is not yet integrated into its 2026 estimates pending the presentation of the business plan for this activity. The group’s multiples for 2026 appear attractive at 6.1x in EV/EBITDA. The broker reiterates its ‘outperformance’ opinion and its target of 65 euros.
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