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Spie: Oddo raises target price

(CercleFinance.com) - Oddo notes industrial and electrical group Spie's highly satisfactory performance in the current context, noting its strong generation of Free Cash Flow (FCF).


While the health crisis will result in a sharp decline in H1 results (sales -9.4% lfl; EBITA -53%), the group is showing solid resilience in Germany (27% of sales), while France (39% of sales) seems to be showing signs of a significant recovery in May and June, Oddo says.

Given the sound control of its working capital requirement, FY debt remains contained after the peak at the end of June at 4.3x, due to the traditional seasonality of business. FCF will therefore remain robust (approximately 202 million euros in 2021) confirming the group's “Value” status. 2021 should benefit from the recovery plans announced in Europe, particularly those oriented towards the energy transition, analysts add.

Oddo confirms its buy rating on the share, raising its corresponding target price to 17.7 euros (vs. 16 euros). The new target price represents upside of 27%.



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