Oddo BHF maintains its 'outperform' rating on Neoen shares, with an unchanged target price of 35.5 euros.

The analyst believes that yesterday's announcement of the development of a long-life battery in Australia and, concomitantly, the raising of the 2025 EBITDA guidance to 700 ME are 'positive elements for the group's investment thesis'.

Against this backdrop, Oddo BHF raises its EBITDA 2025 guidance to 710 ME (vs. 610 ME) and, after estimates of capital expenditure and financial expenses, EPS2025 by 28.4%.

However, for 2023-2025, we are also updating the number of shares following payment of the dividend for 2022 in shares, resulting in a dilution of -0.5% for each year", concludes the broker.

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