Oddo maintains its Outperform rating on Elis shares, with a price target raised from €18.6 to €22, following the publication by Elis of 2022 results "slightly ahead of expectations overall".

EBITDA rose by +19.7% to ME 1,259.6, which is close to our expectations (ME 1,250; difference +0.8%) and those of the consensus (ME 1,254)", notes the analyst firm.

For 2023, the Group has clarified its guidance, with an improvement in all aggregates. Oddo reports that organic sales growth should be between 11% and 13%, which is slightly higher than the Group's previous guidance (>10%).

The analyst therefore specifies that his 2023 EPS estimates should be raised by 3%. "The organic growth expected in 2023 is very satisfactory, and the improvement in profitability and FCF generation testify to the resilience of Elis' business model", concludes Oddo.

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