Oddo BHF reaffirms its 'outperform' rating on Séché Environnement, despite an adjusted price target of €135 to €130, following the group's half-yearly publication, which was judged to be 'solid', and the roadshow organized with its management.

The research firm notes that 'the second half of the year should see the same momentum, with an improvement in profitability, a targeted M&A policy and continued growth momentum in 2024 and beyond, reflecting the resilience of the model'.

After a "faultless" stock market performance, Oddo BHF considers that the valuation remains moderate, with a 21% discount to historical ratios, while it anticipates a 2022/25 TMVA of +8.5% for EBITDA and +12.6% for ROC.

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