Mersen: Oddo raises target price
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Mersen shares, raising its target price for them from E47 to E48, in particular deeming the roadmap presented by the management for 2027 particularly attractive.
The current operating margin target of 12% in 2027 (plus or minus 50 bp) seems totally plausible in its opinion - indeed prudent, which tends to give it upside potential, despite capex, due to a more favourable mix, it points out.
Based on this development plan, the valuation remains moderate at 6.2x 2024e EBITDA and 9.8x EBIT (compared to 7.3x and 11x for historical references), the analyst also points out.
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