Infotel - A little more patience before growth returns
2023 results slightly below our expectationsEBIT margin (before the cost of bonus shares) deteriorated further in H2 (8.6% vs. 9.2% in H1), although it remains at a good levelLike other IT Services sectors with high exposure to the banking sector, Infotel's growth has stalled since Q2, which has logically weighed on profitabilityQ1 will see a further decline, given the high basis for comparisonDemand remains solid, however, and business in 2024 is expected to grow, with profitability improving thanks to the adjustment in expenditureBUY opinion maintained insofar as the Group has a largely recurring business, potential for margin appreciation thanks toInfotel is a group of consulting companies and a global software vendor. The Group has developed a complete service offering and a range of software for enterprise servers. Co. provides consultancy, analysis, IT system audits, third-party application maintenance and software testing solutions. Co. designs and implements, as service contracts or service desk, management projects by implementing advanced methods and technologies, from mobile technology to databases. Co. has developed software to assist customers in areas such as DB2® (security, performance and management), data management and archiving, web-enables or quality applications and relational database performance.
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