Oddo maintains its Outperform rating on Stef shares, with an unchanged target price of 120 euros, following the publication of "good 2022 results, broadly in line with our expectations", says the analyst.

Thus, for sales already published of 4,264 ME, up 21.6% (+14.2% lfl), RO is up 32% to 203.5 ME (vs 200.2 MEe), i.e. an operating margin of 4.7%. RNpg amounted to 146.4 ME (vs 136.4 MEe).

Oddo also reports that Stef has entered into exclusive negotiations with the CMA CGM group to sell its maritime activities (La Méridionale), which will logically be accretive for the Group.

Against this backdrop, the broker confirms its 2023 scenario, i.e. sales up by 4.3% (+2.7% lfl) to 4,447 ME and RO of 211 MEe, implying a stable margin of 4.7%.

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