Oddo BHF maintains its Outperform rating on Verallia shares, with a price target reduced from €50 to €47, 'on the basis of comparables and a DCF', explains the broker.

According to the analyst, the 1st quarter will remain exceptional, with a mix/price effect of 40%, a dynamic that should continue in the 2nd quarter 'but to a lesser extent'.

For the 2nd quarter, the broker anticipates sales of 1094.6 ME (+23.1%, of which +18% organic), or half-year sales of 2146.2 ME (+31%, +26.4% organic, mainly driven by the mix/price effect).

We are expecting Q2 EBITDA of 273 ME (+12.5% YoY), with a neutral spread that could be conservative. For the half-year as a whole, we therefore target EBITDA of 580.6 ME (+36.4% YoY), i.e. an EBITDA margin of 27.1% (vs 26% YoY, +110bp)', continues the analyst.


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