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.


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