The analyst believes that the results for the 1st half of 2024 come as no major surprise, even if they are not particularly exciting, especially for Eviden (if we exclude 2 management decisions (normalization of WCR and asset write-downs).

'Now that the restructuring is virtually locked in, the question is whether the situation will continue to deteriorate or normalize, and whether the financial restructuring will therefore be sufficient. In any case, it won't make much difference to the fate of current shareholders, who will find themselves massively diluted by the financial restructuring," says Invest Securities.

Before deciding whether or not to take part in the capital increase with preferential subscription rights, we reiterate our Sell rating and our price target of 0.01E, which takes into account a massive increase in the number of shares (90bn vs. 111m currently)' adds the research firm.

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