Rubis: Oddo still buying, with E35 TP

(CercleFinance.com) - Oddo BHF confirms its Outperform recommendation, with a TP of E35, following the group's presentation of its targets.


We will first of all retain the targets for 2027, with a secured portfolio of over 2.5 GWp (compared with 1 GW at the end of June 2024) and an EBITDA of E50m-55m (compared with E55m estimated by Oddo BHF), it says.

Given the longer lead times for connection, a warning has been issued, unsurprisingly, on the initial target of 1 GWp of capacity in operation in 2025 (compared with 460 MWp at end June 2024), without calling into question the target of 3.5 GWp in 2030.

The analyst believes that today's Capital Market Day is important in that management must convince shareholders of the company's development strategy in renewable energies, which is being criticized by some shareholders in view of its high cost.

This meeting also comes after the publication of lower-than-expected half-year results, which led to a further fall in the share price and could prompt shareholders with an activist profile to step up their pressure," Oddo BHF points out.


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