APRR has reported a 4.2% increase in traffic in Q2 2023, marking an acceleration on the +1.8% achieved in Q1 2023.

Over the 1st half, traffic was up by 3.0%, below the performance observed at Sanef (+3.8% in H1, including +3.4% in Q1)' stresses Oddo BHF.

Following the announcement of these figures, Oddo BHF confirms its Outperform recommendation and its target of 124 E.

' Growth in the quarter was driven by light vehicles, with an increase of +4.9% in Q2 (after 1.9% in Q1). On the other hand, growth is more timid in heavy goods vehicles, with an increase of just +0.5% after +1.5% in Q1 2023' says the research firm.

Oddo BHF expects sales for the Eiffage Group to rise by 10% to 10,409 ME, with EBIT up 10% to 1,050 ME and net income up 15% in H1 2023 compared with H1 2022.

' The Group should confirm its annual guidance of ' a further increase in its operating income in Works and Concessions ' and an increase in net income, thanks in particular to the integration of Getlink by the equity method from Q2 2023. We have marginally adjusted our 2023 estimates to take into account a good H1/Q2. Our Operating Profit stands at 2,372 ME, in line with the consensus of 2,356 ME' adds Oddo BHF.

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