Oddo BHF reaffirms its 'outperform' rating, with a price target drastically lowered from €238 to €164, the day after the customer relationship outsourcing group published results for 2023 that were slightly below expectations.

The improvement in operating margin in 2024 is weaker than expected, but it has to be said that sales growth (+2/4% pro forma) is suffering from an unfavorable macroeconomic context", notes the analyst.

The valuation is still very limited (EV/ROC 2024 at 6.6 times), but given the low visibility on organic growth, the Group's revaluation should only be part of a medium-term process", he continues.

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