The research department notes that McPhy published an ROC of -23.5 million euros (-24.6 million estimated, -21.6 million for the consensus) while management had provided a landing point with an operating loss expected to be close to -25 million.
“Our profit sequence remains necessarily random and our EBITDA breakeven target set for 2025 no less random,” warns Oddo, which increased its WACC to 11% (compared to 10% previously) to take into account execution risks.
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