Seb: TP ICAP Midcap renews buy rating, with E149 TP
(CercleFinance.com) - TP ICAP Midcap announced on Thursday that it was renewing its Buy recommendation on Seb shares, with a target price of E149.
In a research note, the broker refers to the company's track record and valuation as being far removed from the expected growth in earnings.
The valuation seems to us to be out of touch with reality, it points out.
According to TP ICAP Midcap, the stock is trading on a P/E of 10.8x for 2024 and 9.4x for 2025, as well as an EV/Ebit multiple of 9.9x for 2024 and 9x for 2025.
According to its calculations, these levels represent an average discount (between P/E and EV/Ebit) of 18% in 2024 and almost 27% in 2025 compared with historical multiples over five years, it points out.
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.
In a research note, the broker refers to the company's track record and valuation as being far removed from the expected growth in earnings.
The valuation seems to us to be out of touch with reality, it points out.
According to TP ICAP Midcap, the stock is trading on a P/E of 10.8x for 2024 and 9.4x for 2025, as well as an EV/Ebit multiple of 9.9x for 2024 and 9x for 2025.
According to its calculations, these levels represent an average discount (between P/E and EV/Ebit) of 18% in 2024 and almost 27% in 2025 compared with historical multiples over five years, it points out.
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.