Oddo BHF has reiterated its 'outperform' rating on Verallia, with a price target raised from €47 to €52, following a roadshow at which management reported on the company's excellent half-year performance and continued solid outlook.

While these good performances have enabled the stock to catch up, with a 37% rise since the start of the year, the research department considers the valuation 'still extremely attractive on the basis of 5.6 times 2023 EV/EBITDA and 5.2 times 2024 EV/EBITDA'.

What's more, the discount to comparables, even if reduced, remains excessive given that Verallia currently boasts the best margins in the sector (29% estimated for 2023, compared with over 25% estimated for Vidrala)', adds the analyst.

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