Oddo BHF maintains its EBITDA guidance unchanged (the analyst was already 5%> pre-release consensus expectations) as well as its Outperform opinion with a price target of 21 E.

The Group's EBITDA came out at 320 ME (vs. 312 ME in Q4 2022 and 45 ME in Q1 2022), benefiting in particular from its commercial strategy (focused on high value-added products), efforts on administrative, commercial and research costs (5.9% of sales vs. 9.3% a year ago), and of course a very favorable pricing environment in North America', says the analyst's office.

Adjusted FCF is 194 ME (-210 ME in Q1 22) and after taking into account mainly restructuring costs (47 ME), FCF reaches 151 ME. All in all, the Group reduced its debt by 130 ME, with net debt coming out at 1 BnE' stresses Oddo BHF.

The analyst points out that the Group has confirmed its 2023 guidance, i.e. EBITDA growth, positive FCF (excluding asset disposals) and debt reduction.

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