Oddo BHF maintains its neutral rating on Bolloré shares, with a price target raised from 6.9 to 7.2 euros, in view of UMG's recent sharp rise.

Bolloré published half-year results on Friday that were slightly below Oddo BHF's expectations, with EBITA of €462m (vs. €512m expected), due in particular to oil logistics and an inventory effect

'It should be remembered that the group has deconsolidated all its logistics activities, in particular Bolloré Logistics, which is in the process of being sold. Most of the earnings were therefore generated by Vivendi and the 18% stake in UMG', says the analyst.

'Our earnings expectations for 2023/24 are unchanged from an organic point of view, but we have deconsolidated the Bolloré Logistics business, which explains the drop in our EPS forecast', adds Oddo BHF.

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