Eiffage gained just over 1% in Paris as APRR 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 is up by 3%", points out Oddo BHF, which confirms its Outperform recommendation and its target of 124 euros for the share.

"Light vehicles are driving growth over the quarter, 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.

'We have marginally adjusted our 2023 estimates to incorporate 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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