FFP: Oddo raises its target price.

(CercleFinance.com) - Oddo has raised its target price on holding company FFP (controlled by Peugeot family) to 108 euros (from 98 euros) after it announced its 2016 results.


Oddo analysts, which maintain their buy rating on the share, explain that FFP's valuation will continue to benefit from a double lever: growth in its NAV, and a gradual reduction in its discount. Their target price (TP) is based on a target discount of 35% applied to the broker's NAV calculated with Oddo Securities' TP, hence offering upside of 25%.

FFP has announced a 6.1% increase in its net asset value (NAV) per share compared to 2015, which now reaches 131.4 euros per share. Oddo has underlined that the improvement mainly came from SEB (+36%) and LISI (+23%). Apart from Zodiac Aerospace, which is down slightly, all Investments posted positive performance in 2016.

On at 10/03/2017, NAV is estimated at 3,763 million euros, or 150 euros per share. Oddo says that the improvement observed since the beginning of the year mainly comes from PSA (+24%) and Zodiac (+26%).


Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.