Neurones - The best performance in the sector in 2023
2-digit organic growth for 3rd consecutive yearSlight contraction in profitability, but Operating EBIT on Activity up vs main comparablesContinued growth in 2024, though probably at a slower paceOn course for €300 million in net cash in the absence of M&A or exceptional dividendsValuation has increased, leaving less upside, excluding any control premium, in a context of sector consolidation, but Neurones offers the best visibility in the sector.Neurones. Neurones SA is a France-based company, which provides information technology (IT) services. It operates within three areas: consulting, integration of technological solutions and outsourcing of information systems. The business lines are organized into three centers: Infrastructures Business, Consulting Business and Applications Business. Within the Infrastructures area, the Company provides design, integration and operation of system and networks, service desk, production engineering services, as well as remote servers and application operations and asset management consulting. As per the Applications business line, Neurones SA offers analysis, expertise and software development as well as support and third-party application maintenance. Consulting business line provides development, maintenance of applications, trainings, among others. The Company operates through several subsidiaries, including Axones SAS, Arondor, AS Delivery, AS International and Edugroupe.
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