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Bolloré: Oddo BHF nudges up TP

( - Oddo BHF maintains its neutral rating on Bolloré shares, nudging up its target price for them from E6.
9 to E7.2, in view of UMG's recent sharp rise.

Bolloré published H1 results on Friday that were slightly below Oddo BHF's expectations, with EBITA of E462m (vs. E512m expected), notably due to oil logistics and an inventory effect.

The group has deconsolidated all its logistics activities, notably Bolloré Logistics, which is in the process of being sold. The majority of earnings were therefore generated by Vivendi and the 18% stake in UMG, the analyst says.

The broker maintains its earnings expectations for 2023/24 (from an organic point of view), although has deconsolidated the Bolloré Logistics business, which explains the drop in its EPS forecast, it adds.

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