Eiffage: Oddo BHF still on hold, same TP
(CercleFinance.com) - Oddo BHF maintains its neutral rating on Eiffage shares, with an unchanged target price of E102.
Last night, Eiffage reported Q2 sales ahead of expectations at E5,904m (above Visible Alpha consensus of E5,768m), up 7.6% as reported and +4.2% LFL vs. Q2 2023.
H1 EBIT came in marginally below expectations at E997m (vs. consensus E1,012m), while net income (group share) was E382m (vs. E371m e).
The analyst reports that the CEO is still awaiting the decision of the French Constitutional Council on the motorway tax. In addition, Eiffage has been awarded the contract for the A412 motorway, but after the positive opinion of the ART and the Conseil d'Etat, no minister is now in a position to sign the contract!
Finally, the CEO also mentioned the possibility of increasing Getlink's capital, but still within the 25/30% limit and "without rushing".
Net income for 2024 is expected to be in line with that of 2023. The market consensus is likely to remain unchanged after this publication, estimates Oddo BHF.
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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.
Last night, Eiffage reported Q2 sales ahead of expectations at E5,904m (above Visible Alpha consensus of E5,768m), up 7.6% as reported and +4.2% LFL vs. Q2 2023.
H1 EBIT came in marginally below expectations at E997m (vs. consensus E1,012m), while net income (group share) was E382m (vs. E371m e).
The analyst reports that the CEO is still awaiting the decision of the French Constitutional Council on the motorway tax. In addition, Eiffage has been awarded the contract for the A412 motorway, but after the positive opinion of the ART and the Conseil d'Etat, no minister is now in a position to sign the contract!
Finally, the CEO also mentioned the possibility of increasing Getlink's capital, but still within the 25/30% limit and "without rushing".
Net income for 2024 is expected to be in line with that of 2023. The market consensus is likely to remain unchanged after this publication, estimates Oddo BHF.
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.