(CercleFinance.com) – Pierre & Vacances gained almost 5% in Paris, while Oddo this morning raised its advice on the stock, going from neutral to outperformance, while raising its price target from 0.68 euro to 1 .35 euros.
The analysis office highlights in particular ‘a healthy balance sheet’ and ‘good execution of the strategic plan’ which gives credibility to the medium-term objectives.
Pierre & Vacances has indeed published an accommodation turnover up 12.6% compared to 2019 and an adjusted EBITDA of 156.5 ME, doubled compared to 2019 (78.6 ME).
For its Q1 2023, the group confirms that the portfolio of tourist reservations to date is up compared to Q1 2022 with a return of foreign customers, driven by the good performance of CP and Adagio.
In this context, Oddo says it is more confident in the group’s ability to continue the proper execution of its strategic plan over the 2023/2026 period, thanks to all the operations already started.
Consequently, “we are raising our 2023/2025 ROC estimates by 24% on average, with an expected margin of 5.5% in 2025 vs 1.8% in 2019”, concludes the analyst.
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