Intertek: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Intertek and raises its target price from 5,200 pence to 5,700 pence, following a business review of the British inspection and certification services group, which highlighted its confidence for 2024.


Management delivered a reassuring speech and remains confident in its ability to achieve a margin of over 17.5% (peak pre-covid) in the medium term, the broker notes, which has slightly raised its own estimates.

Valuation remains below historical multiples (EV/EBIT at 13x vs. 16.6x), and analysts believe that the strong momentum expected on the topline should support rerating of the share (and the sector) in the quarters ahead, it continues.


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