Derichebourg: Oddo revises estimates after results

(CercleFinance.com) - Yesterday evening, the group posted H1 net profit of 30.
5 million euros, down from the 37.1 million euros in H1 the previous year.

Meanwhile, EBITDA came in at 93.4 million euros (vs. 88.5 million euros estimated) down 7%. During its AGM, management announced Q1 EBITDA that would be close to that of the reference quarter: this means that EBITDA deteriorated during Q2, Oddo says.

Oddo believes that this period mainly reflects a deterioration in the Environmental Services business, where sales fell by 9.8% compared with 5.4% growth for the group's Multiservices business.

Oddo has therefore cut its target price for the share to 4 euros (against 4.8 euros). The broker confirms its Neutral rating on the share.



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