Aubay - A slowdown in growth to be put into perspective
Q2 sales up by 2.3% on a purely organic basis, after 10.3% in Q1A slowdown largely due to the working-day effect, as well as the difficulties experienced by the Italian subsidiary since H2 2022Growth in France remains sustained at +6%, or more than +9% on a constant working day basisAnnual guidance confirmed as +5% to +7% organic growth and an EBIT margin (before share-based payment) of between 9.5% and 10.5% (vs 10.4% in 2022)BUY opinion maintained in view of the very good fundamentals and a valuation that has become attractive again, but not our favourite in the sector given itsAubay SA is a France-based company engaged in the Information Technology (IT) industry. The Company designs architecture of information systems, develops and facilitates content management, designs and develops secured IT networks, offers consulting on telecommunication strategies, provides network engineering, handles engineering projects and outsourced research. It also develops projects and offers facilities management solutions, among others. The Company's products are sold to the sectors of defense, aeronautics, energy, banking, insurance telecommunications, as well as transport and rail sectors. It has developed two service centers: The Dedicated Service Centre includes the technical platform, the premises and all the resources that are dedicated to a single customer; the Pooled Services Centre, which covers the resources, tools and processes pooled for a group of customers. It has such subsidiaries as Aedian SA and Aubay SA, Norma 4 Servicios Informaticos SA, among others.
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