Bolloré: Oddo BHF leaves its target unchanged

(CercleFinance.com) - Last night, Bolloré reported net income, group share of 1.
82 billion euros for 2024, compared with 268 million euros the previous year. Following this publication, Oddo BHF confirmed its neutral recommendation on the stock and left its target price unchanged at E6.50.

'We reiterate our Neutral opinion on the stock pending: 1/ further details on the use of cash. One possible scenario would be for the company to acquire a medium-sized stake in a listed group, which it could then increase over the years to form a new pillar; 2/ the prospects for simplifying the structure. A change in these two points could act as a catalyst for the stock, given that most of its net assets are currently made up of cash or listed holdings paying a regular dividend', says Oddo BHF in its analysis of the day.

We note the following points: 1/ EBITA came out at ME1, whereas we were expecting ME1,370, but on the basis of the former scope of consolidation with Vivendi's various assets. 2/ net cash stands at 5.3 BnE at the end of 2024, after taking into account the year's acquisitions, notably 5% of Rubis and 0.5% of UMG's capital', adds the research firm.

Oddo BHF indicates that its NAV is unchanged at 6.5 E / share. The rise in UMG's share price since our last update has been offset by the fall in the share prices of the new Vivendi groups', the analyst concludes.

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