Stifel downgrades its recommendation on Neoen shares from 'buy' to 'hold', with a target price raised from 35 to 39.85 euros.

The analyst reports that Brookfield and Temasek have joined forces to take control of Neoen by acquiring 53.32% of the group's capital, and that they then wish to delist the company at a price of 39.85 E/share, valuing Neoen at around 18 times 2024 EBITDA.

We advise shareholders to tender their shares to the offer', says Stifel, which identifies 'a favorable alignment of interests for all shareholders', as the offer presents a 95% premium to the subscription price of E20.45 of the last capital increase in March.

We recommend crystallizing the value and reinvesting earnings in the sector, as we expect the M&A theme to continue throughout the year", concludes the broker.


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