Oddo BHF has reiterated its 'outperform' rating on Quadient, with a target price raised from €27 to €33, based on the new roadmap unveiled by the group at its Investor Day (CMD) on June 19.

According to the analyst, it revealed a potential for value creation based on growth of at least 10% per annum in the digital and locker activities, and a clear turnaround in their profitability to reach EBITDA margins close to those of the historical business.

Oddo BHF expects EBIT to reach a TMVA of +7.2% in 2023-30, i.e. a recurring operating margin improving by almost 500 basis points, with digital and lockers contributing almost 50% of recurring EBIT, compared with a negative contribution at present.

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