Oddo BHF maintains its 'outperform' rating on Verallia shares, with a price target reduced from €40 to €34.

The analyst reports that low volumes are attributable to weaker demand (cf. comments from beverage and spirits companies...) and also to destocking after the post-covid upturn.

Nevertheless, 'volumes should gradually return to positive territory from Q3 onwards, with a slight rise in volumes in H2, enabling us to post a limited decline for the year as a whole (-8% in H1, then +6% for Q3 and Q4)'.

Against this backdrop, Oddo BHF indicates that 'caution is called for in 2025'. On the basis of revised sales down 1%, the broker anticipates EBITDA of 872 ME (vs. 934.5 ME previously) revised down 6.7%, i.e. a margin of 24.5% (+20bp).

Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.