Oddo BHF reaffirms its 'neutral' opinion on Derichebourg, but lowers its target price from six to five euros, following an adjustment of its estimates (-5.5% for EBITDA, -10.5% for EBIT 2023) for the services group.

"The Group's valuation remains particularly modest (3.8 times 2024 EBITDA, 6.3 times EBIT for a PE of 4.5 times), i.e. a 40% discount to its historical ratios", says the analyst in charge of the file.

However, visibility remains limited for the business, and the integration of Elior's results with a turnaround from 2024 remains a challenge that needs to be confirmed', warns Oddo BHF.

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