Oddo BHF maintains its 'underperform' rating on Elior shares, with its target price raised from 2.2 to 2.5 euros.

The analyst points out that Elior will publish its H1 24 results (October 2023 to March 2024) on May 16 before trading. Oddo BHF expects sales of 3,100 ME (company consensus 3,109 ME), up 25% overall, including 6.5% organic growth (consensus 5.7%), with EBIT of 93 ME (7% above company consensus 87 ME).

Los de la publication S1, Elior devrait à minima confirmer ses objectifs FY 24, à savoir une croissance organique du CA entre +4/5% (consensus société +4,9%, Oddo BHF +5,5%e) et une marge d'EBIT de c.2,5% (consensus 2.5%, Oddo BHF 2.6%e), adds the broker.

Overall, our EPS assumption has been lowered by 3% on average over 2024/2026e, including -34% over 2024e but +12% on average over 2025e and 2026e', concludes the analyst.


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