Oddo BHF has reaffirmed its 'outperform' rating on Exel Industries, a stock included in its 'European Midcap Convictions' list, with a price target maintained at 80 euros, citing the spray equipment supplier's half-year results.

At the presentation meeting, management reviewed the company's good half-year performance (+16% organic growth and a 150bp improvement in MopC), as well as its prospects, which bode well for the future", stresses the analyst.

According to the research consultancy, the group's valuation is structurally moderate (6.3 times EBITDA and 9.4 times EBIT 2022/23). What's more, the current valuation does not take into account the potential for innovation," he adds.

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