Oddo BHF has reiterated its 'outperform' rating on Mersen, raising its target price from €47 to €48, noting in particular that 'the roadmap presented by management for 2027 is particularly attractive'.

'The target operating margin before non-recurring items of 12% in 2027 (at plus or minus 50 basis points) seems totally plausible to us, if not cautious, hence a higher revision margin despite Capex due to a more favorable mix', it points out.

On the basis of this development plan, the valuation remains moderate at 6.2 times EBITDA expected for 2024 and 9.8 times EBIT (compared with 7.3 and 11 times for historical references)", the analyst in charge of the file also points out.

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