Verallia is down by 15% after revising its annual targets downwards, with the glass packaging manufacturer now expecting adjusted EBITDA for 2024 to be around that of 2022 (€866 million), rather than €1 billion.

While the upturn in demand was confirmed in the second quarter in most of its markets, the group expects business in the second half of the year to continue to grow at a slower pace than its initial expectations.

In its wake, Oddo BHF lowered its own annual EBITDA estimate by 13% to €870 million, which would imply a 21.5% decrease, and reduced its target price for Verallia from €45 to €42.

Despite this disappointment, and after revising our estimates downwards, the valuation remains modest and does not correspond to a normative year", moderates the analyst, who remains at "outperform" for the medium term.

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