Oddo BHF - Zardoya Otis S.A. (ZOT) Zardoya Otis : Going up smoothly. Initiating coverage on Outperform

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Oddo BHF

Delphine Brault ...

Jean-Baptiste Rouphael

Zardoya Otis : Going up smoothly. Initiating coverage on Outperform

Zardoya Otis, buoyed by its leading position in the Spanish market, should be able to return to growth in activity (2021e-2023e sales CAGR of 3%) and gradually turn around its EBIT margin (+60bp by 2023). This improved momentum, combined with a yield of nearly 6% and a discount of more than 30% (vs historical and peer valuation multiples), leads us to initiate an Outperform rating on Zardoya Otis with a target price of € 6.9. - >Levers to boost growth - Zardoya Otis i...

11/05/2021 37 EN

Underlying

Zardoya Otis S.A.

Zardoya Otis and its subsidiaries are engaged in the manufacture and installation of elevators, the provision of related maintenance services, and export of equipment for its installation abroad.

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ES0184933812 Madrid Stock Exchange Spain

Provider

Oddo BHF

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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Analysts

Delphine Brault

Jean-Baptiste Rouphael

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Zardoya Otis : Going up smoothly. Initiating coverage on Outperform

ZARDOYA OTIS reduced its risk exposure resulting in an upgrade to Slightly Positive

Zardoya Otis : Otis makes an offer on Zardoya at € 7 per share

Zardoya Otis : Offre de Otis sur Zardoya à 7 € par titre

Fiscal Horror Picture Show (on France and taxes)

WALLIX : H1 results hit by further losses (unsurprisingly), operating breakeven still eyed in H2 (now tougher to reach)

Corporate tax pressure on the rise in Spain: banks and utilities the victims, as usual

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