Oddo BHF confirms its 'outperform' rating on Bic shares, and raises its target price from €73 to €79.

The analyst points out that with the 'Horizon' strategic plan, 'growth has clearly recovered and management even raised its expectations in September (+5/7% cc vs ~5% initially)'.

Oddo BHF believes that the next step will now be to improve MOP (+150 bp by 2025) and FCF (> 220 ME from 2024 vs > 200 MEe previously).

These performances should help reduce the particularly high valuation discount," concludes the broker.

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