Seche Environnement : Growth, resilience, and accretive M&A deals
Despite a disappointing performance in 2025, our investment case remains intact, underpinned by margin improvement (in France and internationally), further global expansion (36% of revenue), and the integration of accretive acquisitions with a strong track record. This momentum is further bolstered by the group's capacity to deliver strong and resilient organic growth, consistently outpacing GDP. We indeed expect EBITDA to be up 21% in 2026 with a CAGR of 12.5% over 2025-28. Additionally, the upcoming CMD should serve as a further catalyst. We are accordingly raising our target price to € 100 from € 90 and maintaining our Outperform rating on the stock.Seche Environnement offers environmental management solutions for industrial clients or local authorities. Co. operates waste treatment and recovery facilities and develops tools to produce energy from waste. Co. also collects and sorts all types of waste, whether household or industrial, hazardous or non-hazardous. For local authorities, Co. manages household waste and other environmental concerns. Co. is engaged in thermal treatment, storage, methanization of household waste and production of alternative fuels. For industrial clients, Co. has developed products and services for handling industrial waste from waste production sites to elimination facilities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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