Oddo BHF confirms its Outperform recommendation on Mersen shares, with a price target of 48 euros, and potentially even 50 euros.

The analyst reports that Mersen is entering a real change of dimension, driven by new markets such as silicon, silicon carbide, solar and electric vehicles, which will account for 27% of sales in 2022 and potentially 45% in 2027.

In addition, 'one of the new elements is the securing of this growth with major contracts, including that with Wolfspeed ($400 million for 5 years)', with volumes secured for 50% of the contract and advances on payments as Capex is implemented.

Oddo BHF therefore believes that Q2 should be "well-balanced", confirming annual guidance (+5/10%), while H2 will suffer from an unfavorable benchmark effect (+19% in H2 2022).

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