While raising its target price from 32 to 34 euros, Oddo BHF maintains its 'neutral' opinion on Vicat, seeing 'still no reason to rush back into the stock aggressively', the day after its annual publication.

If the Group has a good year in 2023, it's above all because 2022 was not a good year due to exceptional items", says the analyst, who remains sceptical about the building materials group's ability to outperform over the long term.

At four times EV/EBITDA, the share is trading on the basis of a discounted multiple, but ultimately reflecting the implicit multiple of Holcim-ex US assets after the spin-off (4.1 times EBITDA)', adds the research consultancy.

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