Oddo BHF has reiterated its 'outperform' rating on Quadient, and raised its target price from €24 to €26, after the company confirmed its objectives for the current financial year at the Nextcap Forum.

"Management should shortly (late 2023, early 2024) present its new roadmap (2026?) which, in our view, should reflect a new growth dynamic for profitability among other things", the analyst believes.

As mentioned on several occasions, the hidden value is real (ICA potential, cf. valuation of software and PLS companies). The valuation remains particularly moderate (4.6 times EBITDA and 7.3 times EBIT 2024)', he continues.

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