VICAT : Oddo BHF adjusts its target, remains neutral
If the Group has a good year in 2023, it's above all because 2022 was not a good year due to exceptional items", says the analyst, who remains sceptical about the building materials group's ability to outperform over the long term.
At four times EV/EBITDA, the share is trading on the basis of a discounted multiple, but ultimately reflecting the implicit multiple of Holcim-ex US assets after the spin-off (4.1 times EBITDA)', adds the research consultancy.
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