Bolloré: Oddo BHF still on hold

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Bolloré shares, with an unchanged target price of E7.
2.

Yesterday, the group published its 2023 results, followed by an analysts' conference. EBITA came in at E994m, below Oddo BHF's E1,020m forecast.

The Bolloré Logistics business is deconsolidated in this result, but was only sold on 29 February, for a net impact of E3.7bn on net cash flow, the analyst says.

Our net cash forecast stands at E5bn in 2024 with cash from Bolloré Logistics, but before taking into account the cash outflow linked to the public offer for Multichoice (E1.7bn in the event of a buyout of all minority interests) and excluding Vivendi, Oddo BHF adds.


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