Bolloré: trend still buoyant in Africa, Oddo says
(CercleFinance.com) - Bolloré yesterday published interim results that exceeded Oddo's expectations.
H1 EBIT came in at 732 million euros, above Oddo's estimate of 680 million euros.
The broker confirms its Buy rating on the share, while trimming its target price to 4.8 euros (against 5 euros).
The broker says that the trend is much better in Africa - both in logistics and ports. Based on these indications, Oddo is largely maintaining its expectations, including organic growth of 1% for Bolloré T&L, with growth in EBIT. with leverage on the basis of past investments (EBIT of 543 million euros, vs. 511 million eurosin 2018).
The group's capacities at African ports will greatly increase over the next three years so as to meet growing demand. Oddo expects a margin of 9.7% in 2021 (against 8.5% in 2018) and a sharp rise in the generation of cash as a result.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
H1 EBIT came in at 732 million euros, above Oddo's estimate of 680 million euros.
The broker confirms its Buy rating on the share, while trimming its target price to 4.8 euros (against 5 euros).
The broker says that the trend is much better in Africa - both in logistics and ports. Based on these indications, Oddo is largely maintaining its expectations, including organic growth of 1% for Bolloré T&L, with growth in EBIT. with leverage on the basis of past investments (EBIT of 543 million euros, vs. 511 million eurosin 2018).
The group's capacities at African ports will greatly increase over the next three years so as to meet growing demand. Oddo expects a margin of 9.7% in 2021 (against 8.5% in 2018) and a sharp rise in the generation of cash as a result.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.