Stifel confirms its 'Hold' recommendation on Spie shares, and raises its target price from €27.5 to €29.

With Spie due to present its results on July 27, Stifel expects "solid" figures, thanks in particular to "resilient organic growth and divestment in the UK".

We are raising our estimates for FY23, supported by solid pricing. Our estimate for group sales now stands at 8.5 BnE', the analyst therefore states.

The broker nevertheless reports that Bravida's results (not covered) have drawn its attention to several risks such as slower-than-expected organic growth, or higher labor costs.

'The share is currently trading at ~10.7x EBITA23E, close to its full value in our view', the analyst concludes.

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