SEB: Oddo maintains buy rating after a 'dynamic quarter'

(CercleFinance.com) - In the wake of a solid quarterly publication, an analyst at Oddo BHF has said that he is maintaining his buy rating on the Seb share, noting that, on a like-for-like basis, sales are up 8.
4%, which is an excellent performance, in line with [his] expectations, above the the consensus, which was looking for 7.4% sales growth.

In the end, in a context that is sometimes difficult, the group is managing to post strong sales growth (+7.8% lfl in 2018) with sound resistance in Ropa against the backdrop of currencies (Ropa +3%). After the stock's fall over the past year (-27%), its valuation multiples now appear reasonable (2019e EV/underlying EBITDA: 13x), which justifies its Buy rating, Oddo BHF says.

The broker has confirmed its target price of 166 euros, which suggests upside potential of around 33%.


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