ADP: Oddo maintains neutral rating

(CercleFinance.com) - The planned privatisation of ADP has passed a milestone, with the French parliament (Assemblée Nationale) adopting the text at its first reading.


Oddo maintains a Neutral rating on the stock, along with a target price of 171 euros (fundamental valuation of 149 euros, with a premium of 15%). The broker believes that a step has been crossed, although many uncertainties remain, some of which may have a significant impact on the final valuation.

Compliance with the agenda would enable us to maintain the schedule that it provided in the summer; namely the launch of a call to tender at the end of H1 2019, with the transaction closing (sale of securities) at the start of 2020, Oddo says.


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