Eiffage: Oddo still a buyer, nudges up TP
(CercleFinance.com) - Oddo maintains its "outperform" rating on Eiffage shares, having increased its target price for them from 116 euros to 117 euros.
Eiffage reported a 7.3% y-o-y increase in Q3 sales, which were 2.4% beter than Oddo's expectations. Meanwhile, 9m sales rose 8.1% relative to 2021.
At end-September, the group's order book was up 14.6% y-o-y (+4% vs. 30/06) and represented 13.7 months of activity in the Contracting division. By comparison, Vinci's order book was up 2% vs. 30 June.
Against this backdrop, Oddo has adjusted its estimates, now expecting net income of 872 million euros, vs. 725 million euros en 2019 and 882 million euros for the visible Alpha consensus before the publication.
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