Report
Gregory Ramirez

ESI GROUP: Well ahead of expectations on costs | BUY | EUR83 vs. EUR82

ESI GROUP - BUY | EUR83 vs. EUR82
Well ahead of expectations on costs

Adj. EBIT margin was way above expectations in H1 2022
Operating expense decline and low-hanging fruits from the “One ESI 2024” plan
We have raised our margin forecasts
Underlying
ESI Group SA

ESI Group is engaged in researching, developing, designing, creating and distributing computer software; and acquiring, receiving, holding, managing and trading in a portfolio of securities, especially in fields related to the publishing of scientific software, including digital simulation software for prototyping and manufacturing processes and related decision-making support tools.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Gregory Ramirez

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