Stifel confirms its 'hold' rating on Eiffage shares, with an unchanged target price of 101 euros.

The broker believes that the results published for 2023 were 'good' and 'in line with consensus expectations'.

The analyst singles out two elements in particular, namely the 41% increase in orders (driven in particular by work on the EPR and line 15 of the Paris metro) and FCF, which came in at 2.3 billion euros, exceeding expectations and reaching new highs.

' Management's comments at the analysts' meeting suggest that this level [of FCF] may not be sustainable in the long term, and remains dependent on the performance of working capital', Stifel qualifies.


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