Oddo BHF maintains its Outperform recommendation on Exel Industries and its price target of 80E.

Exel's acquisition of an 81% stake in Devaux, which specializes in the manufacture and sale of garden tools and has sales of 12 ME, is of course at the heart of Oddo BHF's analysis.

This operation should make a positive contribution to earnings, with 'probable accretion, margins a priori similar', lists the broker, although no figures have been released on the transaction price. This is likely to be less than 10 ME."

"The Group has a solid outlook", continues Oddo BHF. Fiscal 2022/23 is secured, as is part of fiscal 2023/24. For the full year, we confirm our estimate of 52 ME ROC.'

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