Assystem: caution prevails, Oddo BHF cuts its target

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Assystem shares, with a price target revised down from €43 to €40.


The analyst cites the CEO's cautious approach, which targets 'slight organic growth' in 2025 (based on stable business in France) and 'no real acceleration in 2026'.

' While the long-term outlook remains very attractive, management has admitted that the 10-15% per annum growth potential hoped for at the peak of the new nuclear program in France now seems a little toppish/illusory', says Oddo BHF.

Furthermore, the CEO confirmed that a sale of Expleo (38% owned by Assystem) was not to be expected in the immediate future, and that it could take 2-3 years due to the current cycle and economic situation, as well as the desire to exit 'from the top'.

Against this backdrop, Oddo BHF remains cautious, despite the stock's fall of almost 20% since the start of the year, due, in the broker's view, to fears of a short-term loss of momentum, a lack of catalysts on the stock market, and questions (or even doubts) about opportunities linked to new nuclear programs, particularly in France.

We will therefore have to be patient before the company enters a structurally more favorable cycle", concludes the research department.

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