While maintaining its 'buy' rating on Bigben due to valuation issues and its belief in Nacon's undervaluation, Invest Securities has adjusted its price target from 6.8 to 6.2 euros to take into account the distribution of 4.3% of Nacon's capital to its shareholders.

Following this distribution, the research firm believes that 'the prospects of further returns to shareholders are seriously reduced, especially as Bigben's financial structure excluding Nacon offers no room for manoeuvre'.

Adding that his valuation of the Audio/Telco activities represents almost the value of the company's own liabilities excluding Nacon, he considers that buying Bigben "only amounts to betting on a rebound of Nacon, with less leverage and a risk on the financial situation".

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