FRANKFURT (dpa-AFX) - A surprisingly optimistic profitability target drove Bilfinger shares to a multi-year high on Wednesday. At times, they jumped by a double-digit percentage to 42.60 euros and reached their highest level since October 2018. They also easily overcame the resistance at the 40 euro mark.

Around midday, shares in the construction services provider rose by 8.0% to EUR 41.40. This made them the second strongest stock in the moderately rising SDax, the index for smaller stocks below the MDax. In the still young year 2024, the shares are also among investors' favorites with a gain of just over 18%.

After the Mannheim-based industrial services provider had already published its first figures for the past year in January, the focus was now on the annual targets. The forecast for the operating profit margin (Ebita margin) was particularly well received by the market. Instead of the average margin of 4.7 percent expected by analysts, Bilfinger announced a margin of 4.9 to 5.2 percent. According to one trader, the Group's estimate for the increase in sales is not really convincing, as it was somewhat lower than expected at between 4.5 and 4.8 billion euros. However, the margin forecast more than makes up for this, he said.

Analyst Gregor Kuglitsch from the major Swiss bank UBS also called Bilfinger's annual report "positive", even though the figures were already largely known. He also spoke of a "reasonably good order situation" and praised the outlook. According to him, the targets for 2024 now hold upside potential for the average analyst forecasts./ck/mne/jha/