(CercleFinance.com) – Oddo BHF initiates a hedge of thyssenkrupp with a ‘neutral’ opinion and a target price of 12 euros, estimating that ‘the market seems to have integrated the perfect execution of the strategy (+ 15% in EV / EBITDA compared to peers) and catalysts’.
The design office recognizes that the implementation of the ‘Focus, Improve, Scale’ strategy should enable the German industrial group to achieve its medium-term objectives (adjusted EBIT margin of 4-6% against 1.8 % over five years).
” By then, the FCF although positive (against -1.3 billion euros in 2020-21) should suffer from the comparison with its peers (FCF return in 2022-23 of 7% against more than 15% ) ‘, warns the analyst in charge of the case.
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