Oddo BHF maintains its 'outperform' opinion on Stef, with a price target reduced from 160 to 155 euros, following a downward adjustment of its 2025 scenario for the cold transport and logistics group.
The research firm now expects sales of €4,962 million, up 3.4% (+2% on a comparable basis), operating income of €233 million, down 10 basis points to 4.7%, and net income, group share of €150 million.
The current valuation remains very reasonable (PE 2025 of 10 times) and still offers interesting potential for a group with a defensive profile, leader in its markets and with a good vision for further European expansion", adds the analyst.
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Stef specializes in the transport and logistics of temperature-controlled products (from -25°C to +15°C). Net sales break down by activity as follows:
- transportation and logistics in France (49.9%): for industrial companies, large-scale distribution, and catered banquet facilities;
- transportation and logistics in international (37.5%): activities carried out in Italy, Spain, Portugal, Belgium, the Netherlands and Switzerland;
- other (12.6%).
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