Oddo BHF maintains its 'outperform' rating on Quadient shares, with an unchanged target price of 24 euros.

Yesterday, Quadient reported Q1 sales of 256 ME, in line with expectations and up 2.1% organically.

Management is targeting organic growth of around 3% for the current financial year (id for the 2021/23 plan) and organic growth of 10% for operating income", reports the analyst, who also points out that the group has just signed 2 partnerships in the UK with APCOA and Rontec, representing a potential 1,000 sites to be equipped.

Against this backdrop, Oddo BHF confirms its estimate of operating income of 162.3 ME (+8.2% YoY) for the current financial year.

'The Group's valuation remains imperturbably modest at 5x EBITDA 2023 and 7.9x EBIT, showing a discount of over 30% vs. historical ratios', it concludes.

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