Alten: Invest Securities still a buyer

(CercleFinance.com) - Invest Securities confirms its Buy recommendation on the stock, with a target price of E152.


The rebound is now postponed until 2025 - or even early 2026 - and with the risk of a new warning on 2024 sales, CT momentum is not great, the broker says.

However, the financial situation is far from catastrophic (cf. limited adjustment of our 2024-26e EPS estimates), and the undervaluation (2024-25e EV/EBITA estimates of 8.3x-6.3x) has reached such levels compared with transaction multiples in the sector (>15x) that we find it difficult not to be Buy, with our target unchanged at E152, Invest Securities says.

In view of recent M&A activity, we would not be surprised by any rumours of delisting, the analyst adds.


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