Ipsos - Acceleration of growth and stabilization of recurring EBIT margin as expected
Acceleration of organic growth in Q4 to 9% vs. +0.8% over 9 monthsRebound in the TMT sector, with organic growth of 2% in the quarterFull-year sales down 1% on a reported basis and up 3% organically, at the bottom of the guidance rangeAnnual recurring EBIT margin stable at 13.1%, in line with Group guidanceFCF down 21% penalized by deterioration in WCR due to acceleration in Q4Financial leverage at 0.3x vs. 0.2x at end 2022Organic growth in 2024 expected to exceed 4% and recurring EBIT margin around 13%."BUY" opinion confirmed. Momentum is good, since the basis for comparison will be lowIpsos is an independent survey-based research group based in France. Co. focuses exclusively on the production, interpretation, and distribution of information gathered from individuals about their views, desires, attitudes, and behaviors. It uses two principal methods of survey-based research: Quantitative research and Qualitative research. Co. organizes its business around six areas of specialization: Advertising Research; Marketing Research; Media Research; Opinion and Social Research; and Customer Relationship/Management Research. In addition, it divides its operations into five geographical areas: Europe, North America, Latin America, Asia-Pacific, and Middle East.
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