Oddo maintains its Outperform rating on Séché Environnement shares, with a target price raised from €112 to €130, following last night's release of annual results "in line with expectations".

Contributory sales (excluding IFRIC/TGAP) came in at 895.3 ME (874.7 ME estimated), reflecting organic growth of 14.4%, exceeding guidance, which was targeting the upper end of the range (+5/10%).

In addition, EBITDA rose to 201.6 ME (202.6 ME estimated, 196.7 ME for cs), while operating income rose by 27.7% (+50 bp) and operating income per share by 57%.

Oddo points out that this organic momentum is all the more remarkable given the high base effect (+9.2% in the previous year).
The outlook for 2023 is also better than expected and "particularly attractive", as the analyst points out.

Management is targeting an EBITDA margin close to 22%, i.e. EBITDA of around €220 million, 5% higher than our estimates (+7% vs. cs)", reports the broker.

In this context, "we are expecting a 2021/25 TMVA of +11.5% for EBITDA, +17% for EBIT and 29% for EPS", concludes Oddo.

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