Aubay - Q4 in line with expectations and reassuring
Full-year sales (+4%) in the middle of the guidance range and in line with our forecastWeak growth in Q4 as expected, but recovery in productivity rate and increase in headcountTowards an annual EBIT margin (before share-based payment) at the top end of the 8-9% rangeExpected growth of between 0 and 3% in 2024Forecasts raised slightly and target price revised upwards to also take account of M&A activity in the sectorWe are upgrading to ADD (vs BUY) following the 38% rebound in the share price over 3 monthsAubay 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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