Uniper: Oddo BHF cuts target price

(CercleFinance.com) - Oddo BHF confirms its 'underperform' rating on Uniper shares, with a target price lowered from E45 to E37.
5, after a good-quality H1 2024 publication, albeit with an outlook that remains fairly dim.

The analyst raises his estimates for 2024, but lowers them for 2025 and 2026, in view of a staggered investment plan and the 'flexible generation' division, whose hedging conditions are much less favourable at present.

Oddo BHF says that its new target price represents an implicit 2025 EBITDA multiple of 6.5x, which it considers reasonable, given the German energy group's carbon mix and the preponderant share of trading in performance.


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