Elis: Stifel still on hold

(CercleFinance.com) - Stifel confirms its Hold recommendation on the Elis stock, leaving its target price unchanged at E35.


Stifel reports that Spie's management has defined new objectives for 2025-2028.

Although they provide only marginal support to the consensus, they are sufficient to reassure the market, in our opinion, the broker says.

The capital allocation strategy offers many options, even if the focus remains on dividend distribution and long-term investments. We believe that future acquisitions should remain focused on Germany and gradually move towards Central Europe, Stifel adds.

We understand that Spie's exposure to the latter is an element of differentiation from its listed peers. The high level of consolidation in France could raise questions in terms of growth potential, the analyst explains.


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