Oddo BHF maintains its 'neutral' rating on Bolloré shares, with an unchanged target price of 7.2 euros.

Yesterday, the Group published its 2023 results, followed by an analysts' conference. EBITA came out at 994 ME, while Oddo BHF was expecting 1020 ME.

The Bolloré Logistics business is deconsolidated in this result, but was only sold on February 29, for a net impact of 3.7 MdE on net cash flow", says the analyst.

Our net cash forecast stands at E5bn in 2024 with cash from Bolloré Logistics, but before taking into account the cash outflow linked to the public offer for Multichoice (E1.7bn in the event of a buyout of all minority interests) and excluding Vivendi', adds Oddo BHF.

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