Quadient: Oddo still a buyer, adjusts TP

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Quadient shares, trimming its target price of 34 euros to 32 euros, seeing the logistics and mail processing equipment group's stock as clearly undervalued.


The stock is still extremely undervalued (5.1x 2022 EBITDA and 8.4x EBIT compared to 7.7x and 11.1x respectively historically), and its valuation does not take into account the potential of the new business, the analyst points out.

The broker also highlights, in a macroeconomic context that is considered as less buoyant, a more limited European exposure and a rather resilient Quadient business with a strong weighting of recurring/underwriting revenues.


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