Clariane's share price fell by around 13% following the announcement of a 1.5 BnE plan to restore its access to financing ("significantly impaired" since the end of October, according to AlphaValue), with the aim of reducing its leverage ratio to 3.8x by 2023 and < 3.0x by 2025.

Following this announcement, AlphaValue confirms its Buy recommendation, with a price target of 5.86 E.

A capital increase of 300 ME should be launched from 2024, with a commitment from Crédit Agricole Assurances of 200 ME. The company's current market capitalization is 367 million euros, the research firm points out.

' Other measures include a secured credit line of 200 ME, a 230 ME real estate pact (including 140 ME in exclusive negotiations with Crédit Agricole Assurances) and around 1 MdE of asset disposals planned from 2024 '. Crédit Agricole Assurances will remain the largest shareholder after recap.

' The entry of Crédit Agricole Assurances would only make it more 'mission-driven', even if Clariane has become a 'mission-driven' company. This would have a positive impact on the ESG subject, but could weigh on Clariane's short- and medium-term profitability' adds AlphaValue.

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