Invest Securities maintains its Buy rating on Audacia shares, with a slightly reduced target price, from 11.4 to 11.1 euros.

First-half sales came in at 4.2 ME (-16%; +9% restated for Quantonation 1 exceptional sales in H1 22), exceeding Invest's expectations (3.6 ME) thanks to ongoing ISF funds, which should make a significant contribution to profitability.

Nevertheless, the analyst reports that H1 results were not a major event, with most growth and expectations concentrated on the second half with the expected first closings of Quantonation 2 and Expansion.

Our expectations for H2 are high, so the lead we took at the end of H1 is good news and supports our 2023-25th estimates, which remain unchanged", concludes the broker.

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