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Spie: Stifel still a buyer

(CercleFinance.com) - Stifel maintains its "buy" rating on Spie shares, with a target price of 24 euros (current price about 21 euros, down almost 2%).


While Spie has announced its withdrawal from the Equans tender - citing a lack of available information - Stifel is betting on the potential acceleration of Spie's organic growth from 2022, before a "more significant" acceleration in 2023.

"Considering its lower firepower compared with its competitive bidders, and the high valuation demanded by the seller (E6bn according to press reports), we thought it unlikely that SPIE would win the bidding process anyway".

Stifel points out that Spie benefits from a very strong exposure to the energy transition, with already 41% of its revenues aligned with the European taxonomy on green and sustainable financial products.
At the time of its CMD, Spie had also indicated that this "green deal" could generate organic growth of 0.5% to 1.5%.

The market doesn't seem to agree - at least not today anyway.


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