Bolloré: Oddo BHF maintains TP

(CercleFinance.com) - Last night, Bolloré reported net income, group share of E1.
82bn for 2024, well above the E268m the previous year. Following this publication, Oddo BHF confirmed its neutral rating 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, Oddo BHF says today.

We note the following points: 1/ EBITA came in at a token E1m, whereas we were expecting E1,370m, but based on the former consolidation scope including Vivendi's various assets. 2/ net cash stood at E5.3bn at end-2024, after taking into account the year's acquisitions, notably 5% of Rubis and 0.5% of UMG's capital, it adds.

Oddo BHF says that its NAV is unchanged at E6.5/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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