Invest Securities confirms its buy recommendation on the share and raises its target price to E6.48 (from E6.06). The analyst believes that the capital increase 'secures the potential'.

' Over and above the technical aspects of this E3.6m capital increase, it is important to note that (i) it is accompanied by a drop in our WACC of c.1.8pt to 16.2%. (ii) the Group has proven in 2022 that it is capable of meeting the 2023 to 2025 trajectory guided since the IPO, and (iii) we have not yet taken into account either a lowering of beta or the potential for penetration of the company car market', says the research firm.

Based on unpublished estimates for 2022, and noting that the value of the owned fleet in 2023 represents 3.5E per share, our post AK OC, updated on the basis of our DCF, stands at 6.48E vs. 6.06E (WACC lowered from 18.1% to 16.2%)' adds Invest Securities.

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