Plastic Omnium: Invest Securities reduces target price
(CercleFinance.com) - While maintaining its buy rating on Plastic Omnium shares, Invest Securities has reduced its target price for them from 21 euros to 17.
2 euros, after its quarterly results.
While the group has confirmed its 2022 guidance excluding external growth, the post-acquisition guidance has been impacted, the analyst notes, pointing out that its EBITA margin has fallen by around one point and that 130 million euros has been knocked off its FCF (even though this remains positive).
Visibility remains low in 2023, but Varroc's leverage should help preserve a limited improvement in EBITA margin, Invest Securities adds, which has revised its EPS estimates tor the automotive supplier by -12.5%/+4.8%/+4%..
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