AAA disposal margin accretive, 13% sales CAGR - Sword still undervalued
We reiterate our Buy rating following the analysts' meeting held in Paris for H1 2023 results. The positive messages from management concern an expected recovery in the net cash position in H2 2023 and the credibility of 13% lfl revenue CAGR guidance over 2023-2027 with a target of EUR450m in revenSword Group is a service company specializing in computer engineering, offering consulting and integration services to its customers. Co. is engagedin the implementation of innovative solutions that meet the strategic needs of its clients and adaptation requirements of their information systems. Co.'s business covers three main areas: IT Service, Solutions and Communication Technologies. In addition, Co. also provides Government Risk Management (GRC) solutions to its customers in the industries of energy, transportation, healthcare, insurance, banking, telecommunications, and international and governmental organizations. Co. offers two product lines and four solutions.
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.
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