Vicat: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF maintains its 'neutral' recommendation on Vicat and raises its target price from E34 to E45, following the integration of the building materials group's 2024 results and updated market data.


Since the start of the year, the stock has performed well (+23%), reflecting the cement industry's return to favour against a backdrop of competitor listings in the US and hopes of a construction recovery in Europe, the analyst notes.

Trading at an EV/EBITDA multiple of around 4x, Oddo BHF considers that Vicat shares are trading on the basis of a discounted multiple, in its view, reflecting its status as a medium-sized French stock.


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