Oddo BHF has reaffirmed its 'outperform' rating with an adjusted target price of €124 to €125 on Eiffage, the day after the construction and concessions group published its half-year results in line with expectations for sales and operating income.

The fall in the share price linked to the 'bad buzz' about freeways is an opportunity to strengthen at a good price", says the research department, for whom "the valuation remains very attractive", with an adjusted FCF yield of around 15%.

Eiffage is moving along quietly, but the operating momentum seems to be there for the start of the year and should continue (resilience of motorway traffic, solid construction order book, growth in energy services)', it believes.

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