Oddo BHF has raised its opinion on Figeac Aéro from 'neutral' to 'outperform', with a price target raised from 5.7 to six euros, in order to play up the details of the 2028 plan to be published in January, and the effects of the ramp-up of industrial facilities on FCF.

Such an acceleration in FCF generation (FCF yield of 8.9% in 2025 calendarized) would enable investors still frightened by the €213 million repayment due in March 2029 to regain confidence in the stock", it believes.

The research firm also points to a valuation that is once again attractive, with an EV/EBITDA calendarized 2024 of 7.3 times, i.e. a discount of 2% to midcap peers and 9% to the median of civil aeronautics players.

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