Oddo BHF remains 'outperform' on Spie, with its price target raised from 34 to 38 euros, following 'excellent 2023 results, with operating margin up 40 basis points to 6.7% and FCF of 426.8 million euros, compared with an estimated 330 million'.

'With this publication, Spie has demonstrated an excellent ability to grow its sales and profitability despite an inflationary context', judges the analyst in charge of the multi-technical services group.

The research firm adds that Spie's external growth operations 'are also fuelling growth, while maintaining a very healthy balance sheet structure' (net debt/EBITDA ratio at 1.2 times).

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