Elis: Oddo still a buyer, but reduces target price
(CercleFinance.com) - Oddo BHF has reiterated its "outperform" rating on Elis shares, while reducing its corresponding target price for them from 19.
4 euros to 18.6 euros, despite increasing its 2022/2023 EPS estimates by an average of 6% for the industrial laundry group.
Analysts say that organic growth should accelerate in 2022, making management's targets seem too cautious, the analyst says, for whom Elis is benefiting from the continued recovery of the hotel and restaurant segment and price increases to offset additional costs.
Analysts estimate that FCF should exceed 200 million euros in 2022, bringing the group's ND/EBITDA ratio down to around 2.6x (vs. 3x in 2021), enabling the group to pay a dividend and follow a more active external growth policy.
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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.
4 euros to 18.6 euros, despite increasing its 2022/2023 EPS estimates by an average of 6% for the industrial laundry group.
Analysts say that organic growth should accelerate in 2022, making management's targets seem too cautious, the analyst says, for whom Elis is benefiting from the continued recovery of the hotel and restaurant segment and price increases to offset additional costs.
Analysts estimate that FCF should exceed 200 million euros in 2022, bringing the group's ND/EBITDA ratio down to around 2.6x (vs. 3x in 2021), enabling the group to pay a dividend and follow a more active external growth policy.
Copyright (c) 2022 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.