GL Events: Oddo BHF still a buyer after interim results

(CercleFinance.com) - Welcoming quarterly results that are slightly above expectations, an analyst at Oddo BHF today announces that he is maintaining his “buy” rating on the GL Events stock.


For the whole year, GL Events expects sales growth of over 8% at exchange rates seen in H1, which will, in all likelihood, result in revenues of over 1 billion euros; note that beyond the impact of acquisitions (impact of about 8 million euros on H2), the group will continue to benefit from a favourable schedule of events, including the Asian Games in Jakarta, for which there are outstanding invoices of 30 million dollars. Net income, group share is expected to improve significantly (+20% in the broker's opinion). Oddo BHF maintains its estimates for underlying EBITDA and net attributable profit.

While retaining fairly upbeat sales momentum with a sound resistance in profitability, the broker maintains its target price of 30 euros for the share.


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