Oddo BHF maintains its 'outperform' rating on Assystem shares, with a target price raised from 57 to 60 euros.

The analyst recalls that Assystem announced last night that it had sold its 5% stake in Framatome to EDF (unsurprisingly, sovereignty obliges), having acquired it in December 2017 at the time of Framatome's recapitalization and Areva's dismantling. The sale price is 205 ME.

"This announcement is obviously not surprising, but positive in terms of the timing and the sale price (we feared a less generous 'political price')," Oddo BHF points out.

In order to crystallize the value of this asset (€205m), the brokerage reiterates its target price.
According to Oddo BHF, 'the current price values the core business at < 9x EBIT (i.e., one less round of EV/EBIT after this announcement), an attractive level given the outlook for the Nuclear business in particular'

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