Oddo BHF confirms its 'outperform' rating on Spie shares, with a price target raised from 38 to 40.5 euros, following the organization of a roadshow in the United States.

The analyst points out that the group has not given any precise indications on its organic growth, but has confirmed that 'Q4 should be better oriented', which Oddo BHF considers 'reassuring'.

The broker also refers to the order book, which is "well oriented", and stresses that "for 2025, all geographies are expected to grow".

"Despite macroeconomic uncertainties, Spie still benefits from satisfactory business visibility, driven by the energy transition (85% of sales secured by the order book and additional work)", adds Oddo BHF.

Lastly, the research firm points out that EBITA is expected to grow at a rate of at least 8/10% a year over the next few years, and that medium-term targets will be specified at a CMD (investor day) on March 7, 2025.

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