QUADIENT : Oddo BHF confirms its recommendation on the stock
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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