Vilmorin: Oddo raises target price
(CercleFinance.com) - While maintaining an "outperform" rating on Vilmorin shares, which feature in its "European Midcap H1 2023" list, Oddo BHF has raised its target price for them from 68 euros to 76 euros (cp: E47.
5, +1.5%), based on a smaller discount and an update to its valuation methods.
The analyst says that the stock's valuation remains structurally modest, pointing to 2023 multiples of 4.5x EBITDA and 12.2x EBIT, compared with 6.3x and 13.6x respectively for historical references.
Oddo also believes that the discount to comparables of nearly 30% is probably severe for the world leader in vegetables, adding that the leverage on margins is intact and the contribution to the vegetable mix remains very favourable.
Copyright (c) 2023 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.
5, +1.5%), based on a smaller discount and an update to its valuation methods.
The analyst says that the stock's valuation remains structurally modest, pointing to 2023 multiples of 4.5x EBITDA and 12.2x EBIT, compared with 6.3x and 13.6x respectively for historical references.
Oddo also believes that the discount to comparables of nearly 30% is probably severe for the world leader in vegetables, adding that the leverage on margins is intact and the contribution to the vegetable mix remains very favourable.
Copyright (c) 2023 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.