While maintaining its 'neutral' rating, Oddo BHF has lowered its target price from €3.20 to €3.00, following a publication which shows that 'Prodways has chosen to "sacrifice" a few short-term margin points to ensure sustainable organic growth'.

While this 'commercial and also technological push' seems quite timely, the analyst believes that 'the 2028 objectives ultimately present few surprises and should not generate any particular enthusiasm'.

'The fundamentals remain solid (recurring revenues, profitability well above the sector average, healthy balance sheet) but are reflected in the valuation (11.9 times for the 2023 EV/EBITDA ratio, i.e. a slight discount to peers)', he continues.

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