Oddo BHF has downgraded its opinion on Eiffage from 'outperform' to 'neutral', with a price target lowered from 125 to 112 euros, now including a 20% discount to its SOP valuation (sum of parts).

We believe this discount is fully justified by the widening gap with the performance of Vinci, its big brother, and above all by the lack of any structuring transaction", explains the analyst in charge of the file.

According to Oddo BHF, in the absence of any structuring transaction, and by dint of collecting small-scale transactions, the construction and concessions group is slow to change its status and is slowly but surely becoming a "value trap".

Mentioning the idea of a merger with Getlink (on which he has upgraded to 'outperform', with a target raised to 20 euros), he believes that 'ambitious solutions exist, but the equation for taking control of Getlink remains complex'.

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