Oddo maintains its 'neutral' rating on Bolloré shares, with an unchanged target price of 6.6 euros.

The research firm reports that the results published last night by the group are 'ahead of expectations', with EBITA of 1,502 ME when Oddo was expecting 1.1 MdE (excluding Africa).

The analyst reports that Bolloré has announced a public stock buyback tender offer for 9.78% of its capital at E5.75, which will increase Compagnie de l'Odet's stake to 74.3%. This operation will cost the Group E1.7 billion, but will give it considerable financial flexibility, according to Oddo, which estimates that, based on 2023 cash generation, the Group should be "virtually debt-free by 2023".

The publication also noted the sale of Bolloré Africa Logistics, emphasizing the analyst's new estimates based on this deconsolidation, namely an organic decline of 15% for Bolloré Logistics and a loss of 95 ME for the electricity storage division.

Lastly, Oddo reports that Bolloré has indicated a "more difficult" start to the year, which is "logical given the trend in transport and base effects", according to the broker.

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