Maurel & Prom: Oddo BHF still on hold

(CercleFinance.com) - The broker confirms its Neutral rating on the stock, maintaining its target price at E5.
20.

Gabon remains the main contributor, with oil production in M&P share (80%) on the Ezanga permit of 15,582 b/d in 2024 (+1% y-o-y), the broker says.

The analyst points out that consolidated sales for 2024 rose sharply to $808m (vs. $682m in 2023), against a backdrop of stable sales prices at $80.3/bbl, with most of the increase attributable to trading activities ($125m vs. $26m in 2023).

2024 results showed resilience, with a rebound in FCF. The group is debt-free, thus resuming M&A initiatives in search of growth, and is increasing the dividend by 10%, but the yield remains, at 6.5%, below the sector average of 10%, Oddo BHF adds.


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