The analyst believes that the stock is too cheap to ignore. It confirms its buy recommendation on the stock and raises its target price to E141 (from E134), which represents a potential upside of 41%.

' Eiffage continues to look very cheap, with upside potential of 12% IRR and 45% TSR: is the progress made in 'replacing' APRR underestimated? ' says UBS.

' In 2024, the Group forecasts higher operating income before non-recurring items in Works, driven in particular by a further increase in Eiffage Energie Systèmes' operating margin. In Concessions, the new tax on long-distance transport infrastructure will have a significant impact on earnings. Overall, Group share of net income could be in the same range as in 2023," says Eiffage management.

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