While lowering its target price for Stef from €155 to €145, Oddo BHF maintains its "outperform" rating, considering that, for a very reasonable valuation looking ahead to next year, the entry point is attractive for medium-term investment.

The analyst points out that its H1 2025 results, announced last week were marked by very strong commercial momentum, but also by exceptional events that had a significant impact on the logistics company's profitability.

Following the interim publication and the analysts' meeting, the broker has logically adjusted its scenario for 2025, edging up its revenue assumption although reducing its expectations for operating income and net income attributable.

However, Oddo BHF maintains a more positive scenario for 2026, remaining convinced of the group's sound business model (strong real estate holdings, increasingly extensive international network) and that the leverage on margins will materialize as early as 2026.