Alten: Oddo raises target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on Alten shares, having increased its target price for them from 150 euros to 165 euros.


The broker says that Alten published Q4 sales of one billion euros after tradubg on Friday, which were slightly above expectations (vs. Oddo BHF: E996m; Css: E965m). Organic growth came in at 14.9%, pretty much in line with expectations (vs. Oddo BHF: 13.9% y/y org.; Css: 15.4% y/y org.).

Analysts say that this is a good release, with solid growth in Q4, although above all a margin that is slightly above expectations, and FCF that should be good. Furthermore, the group's tone is reassuring for the start of 2023 and it looks set to deliver growth that is well above the 7% expected by the consensus, while the erosion of its operating margin is already expected.


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