Oddo BHF maintains its Outperform rating on Lisi shares, with the target price raised from €27 to €30.

After a "quality" 1st quarter, with organic growth of 15%, Oddo BHF anticipates "an equally good 2nd quarter, with organic growth of around 15%, i.e. a similar performance for the half-year as a whole".

The analyst expects annual ROC of 95 ME, revised slightly downwards (vs. 100 ME previously +6.5% YoY), translating into MOPC of 5.8% (vs. 6.3% YoY, -50 bp), in line with management's objectives of deteriorating profitability in relative terms.

The main challenge is cost control and the ability to pass on higher costs to sales prices", stresses the broker.

For 2024, Oddo BHF leaves unchanged its ROC estimate of 113 ME (+19% YoY), i.e. an MOPC of 6.5% (+70 bp) in line with the consensus.

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