(CercleFinance.com) – Oddo maintains its outperformance rating on the Stef share, with an unchanged price target of 120 euros, after the publication of “good 2022 results, broadly in line with our expectations”, indicates the analyst.
Thus, for a turnover already published of 4,264 ME, up by 21.6% (+14.2% lfl), the operating profit increased by 32% to 203.5 ME (vs 200.2 MEe) or an operating margin of 4.7%. The RNpg stands at 146.4 ME (vs. 136.4 MEe).
Finally, Oddo reports that Stef has entered into exclusive negotiations with the CMA CGM group to sell its maritime activities (La Méridionale) to it, which will logically be accretive for the group.
In this context, the broker confirms its 2023 scenario, namely a turnover up by 4.3% (+2.7% lfl) to 4,447 MEe and an RO of 211 MEe implying a stable margin of 4.7%.
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