TELEPERFORMANCE : price target lowered by Oddo BHF
The improvement in operating margin in 2024 is weaker than expected, but it has to be said that sales growth (+2/4% pro forma) is suffering from an unfavorable macroeconomic context", notes the analyst.
The valuation is still very limited (EV/ROC 2024 at 6.6 times), but given the low visibility on organic growth, the Group's revaluation should only be part of a medium-term process", he continues.
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