Oddo BHF maintains its 'outperform' rating on Rubis shares, with a price target raised from €36 to €39, ahead of what the analyst describes as an 'important' AGM.

The arrival of shareholders with an activist profile could lead to changes in governance and a review of the company's resource allocation strategy, which have historically weighed on valuation", says Oddo BHF.

The broker recalls that Rubis achieved record profits in 2023 (RN = 354 ME vs. 307 ME at the previous record in 2019), which management intends to maintain in 2024 (guidance: stability - ODDO BHF / consensus = 361/349 ME), which has not prevented the group from reaching very low levels on the stock market.

Oddo BHF believes that the strategy could be revisited in renewable energies in order to better optimize the group's value. The stock is trading 34% below its historical average PE and offers a yield >6%", the broker points out.

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