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Quadient: Oddo BHF cuts target after H1 results

(CercleFinance.com) - Oddo BHF has reaffirmed its 'outperform' opinion on Quadient, with a target price lowered from E33 to E30, following H1 results slightly below its expectations, leading it to lower its ROC forecast for the group by 4%.


Valuation is still extremely modest at 8.1x 2024 underlying OP and 7.4x 2025 underlying OP, reflecting a 30% discount to historical ratios. An SOTP (sum-of-the-parts) approach reflects this undervaluation even more, it believes.

Oddo BHF also points to the strengthened presence of VESA, Daniel Kretinsky's holding company, in Casino's capital, and to the announcement of a share buyback program over the next 18 months to improve shareholder return.


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