Séché: Oddo BHF remains positive after results

(CercleFinance.com) - Oddo BHF reinstates its 'outperform' rating on and E135 target price for Séché Environnement shares, following the publication of annual results in line with its expectations, with short- and medium-term targets confirmed.


The broker points to the excellent sales performance in France, with organic growth of 9.4% despite the reference effect, and a clear sequential improvement in performance, with a 14% rise in EBITDA in H2.

The valuation remains moderate (6.3x EBITDA and 13.7x EBIT for 2024), showing a 13% discount to historical levels. The roadmap confirms the continued improvement in margins, the analyst also notes.


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