Oddo BHF reaffirms its 'underperform' rating on Uniper, with a price target lowered from 45 to 37.5 euros, following a good-quality publication for the first half of 2024, but with an outlook that 'remains poorly oriented'.

The analyst raises his estimates for 2024, but lowers them for 2025 and 2026, in view of a staggered investment plan and the 'flexible generation' division 'whose hedging conditions are much less favorable at present'.

According to Oddo BHF, its new price target represents an implicit EBITDA 2025 multiple of 6.5 times, which it considers 'reasonable given the carbon mix and the preponderant share of trading in the performance' of the German energy group.

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