Derichebourg: Oddo maintains neutral rating after Elior deal

(CercleFinance.com) - Oddo BHF maintains its "neutral" rating on Derichebourg shares, along with target price of 5 euros (current price: 5.
4 euros, +1.4%), following an agreement to sell its multiservices division to Elior in exchange for a larger stake in its capital.

Taking into account the contribution of Elior's stake, new scope, by equity method excluding synergies, the analyst estimates the impact on Derichebourg's EPS at -21% in 2023 and +15% in 2024 (subject to Elior's recovery).

Oddo considers Derichebourg's current valuation to be modest, although in line with peak cyclical multiples, seeing the macroeconomic context as less favourable to the group's cyclical activities, with EBITDA expected to fall by 20% in 2023.


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