Oddo BHF maintains its 'outperform' rating on Eiffage shares, with an unchanged target price of 125 euros.

Last night, APRR reported traffic growth of 2.9% in Q4 2023 and +2.5% for the full year (with +2.8% for light vehicles and +0.5% for heavy goods vehicles).

The analyst does not anticipate any major change in trend for the February 28 publication, believing that 2023 performance will be driven both by concessions (traffic higher than 2022 on freeways) and by the energy-construction divisions.

For 2024, the Group is expected to announce an annual guidance of "a further increase in operating profit in Works and Concessions" and a rise in net income, the broker points out.

Against this backdrop, Oddo BHF believes that Eiffage shares are 'particularly attractive at this price level', especially in view of the easing of long rates and the end of the 'bad buzz' about freeways.

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