Oddo BHF reiterates its 'outperform' rating on Elis, with an adjusted target price of €22 to €24.5, pointing to 'a discount of over 30% on these comparables, despite the fact that in recent months the group has demonstrated excellent FCF resilience'.

In 2023, we note a good capacity to pass on price increases and significant productivity effects. These factors, coupled with the easing of energy prices, will support 2024 results', says the analyst in charge of the file.

The research department also highlights a reduction in the leverage ratio (DN/EBITDA 2024 at 1.8 times versus 2.1 times in 2023) compatible with an investment grade rating, which it believes 'will enable the Group to resume a more aggressive acquisitions strategy'.

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