Bilfinger: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Bilfinger shares, raising its target price for them from E57 to E60.
The analyst points out that Bilfinger reported Q2 sales up +16% (of which +3% LFL), 3% above consensus expectations, with growth in all divisions.
The broker reports that management expects 2024 group sales of E4.8bn-E5.2bn (Oddo BHF and consensus E5bn), with an EBITA margin of 4.8%-5.2% (Oddo BHF raised to 5% vs. 4.8% previously and consensus 5%).
Bilfinger offers an attractive yield for shareholders (~4% with a share buyback option) and could be a target, as its two reference shareholders (Cevian 19.5% and ENA ~12%) may want an industrial exit, the broker says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The analyst points out that Bilfinger reported Q2 sales up +16% (of which +3% LFL), 3% above consensus expectations, with growth in all divisions.
The broker reports that management expects 2024 group sales of E4.8bn-E5.2bn (Oddo BHF and consensus E5bn), with an EBITA margin of 4.8%-5.2% (Oddo BHF raised to 5% vs. 4.8% previously and consensus 5%).
Bilfinger offers an attractive yield for shareholders (~4% with a share buyback option) and could be a target, as its two reference shareholders (Cevian 19.5% and ENA ~12%) may want an industrial exit, the broker says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.