Oddo BHF maintains its 'outperform' rating on Spie shares, with an unchanged target price of 32 euros.

The analyst points out that "the fundamentals (sales and margins) are still in good shape for Q2", following on from the excellent performance of Q1.

In Q1, for example, the Group recorded very strong organic growth of 10.9%. For Q2 2023, the basis of comparison remains favorable (Q2 2022 +4.9% LFL) and the Group continues to state that it is not seeing any slowdown in its various markets", says Oddo BHF, adding that "the order book remains very solid".

Spie confirmed that it would remain very active to seize opportunities in the coming months. The Group has considerable room for maneuver, with FCF that we believe will remain > 300 ME", stresses Oddo BHF.

The broker is targeting organic growth of around 6% for the full year. We remain convinced of the Group's strengths: 1/ dynamic activity; 2/ ability to improve margins despite the inflationary context; 3/ sound balance sheet', concludes Oddo BHF.

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