Oddo BHF maintains its 'neutral' rating on Derichebourg shares, with an unchanged target price of 5 euros.

Yesterday, sales came in at 3,621.3 ME, in line with Oddo BHF's expectations.

The analyst reports that management is confident about the outlook. Indeed, although the last few months have been in line with the end of the 2023 financial year, management anticipates a plateau in volumes and better price performance (cf. recent rise).

Oddo BHF believes that the Group should benefit from an easing in electricity prices (gain of 15 ME) and leaves its EBITDA estimate unchanged (358.4 ME, i.e. +7% YoY), in line with consensus (354 ME), while management targets a figure in excess of 350 ME.

'Valuation remains modest at 4.0x EBITDA and 6.7x EBIT 2024, reflecting a 36% discount to historical ratios. Business growth should be modest, and Elior's turnaround remains a challenge', concludes the broker.

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