Exosens : Oddo BHF remains positive after H1 results

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on and E28 target price for Exosens shares, following the publication of solid H1 results which confirm the trajectory expected for 2024.


Noting a marked increase in the adjusted gross margin in both divisions, at this stage the broker confirms its scenario for 2024, including sales of E380m and an adjusted EBIT margin of 24.5%.

The broker adds that the share's valuation remains attractive (2024 EV/EBITDA of 10x and 8.5x for 2025) for the growth profile, as Exosens accelerates its M&A roadmap as agreed, without deteriorating its margins.


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