Oddo maintains its Outperform recommendation and its price target of 22E on Elis shares.

' Our EPS estimates have been raised by 3.6% in 2023', explains the analyst.

The improvement in profitability and FCF generation testifies, according to Oddo, to the resilience of Elis' business model.

But adds: 'Valuation remains limited (EV/EBIT: discount of nearly 30%) with a 2024e FCF yield of nearly 7% and a PE of 10x. '

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