SII - Still one of our favourite stocks
Excellent financial year 2022/23 in terms of both growth and profitabilitySlight improvement in profitability, both in France and internationally, thanks to a good H2, ahead of our forecastLike other players in the sector, SII is seeing the end of the euphoria, but demand is still buoyant in most sectorsOrganic growth of between 8% and 12% expected in H1 2023/24, despite a very unfavourable working-day effectEarnings growth, capacity to invest in M&A and multiples below peers: BUY opinion confirmedSociete Pour l Informatique Industrielle SA is a France-based company principally engaged in the provision of consultancy services to enterprises in the industrial, financial and service sectors on the implementation of technically complex projects, including technical and industrial systems, telecommunications and networks, e-banking, information systems, systems administration and new information and communication technologies. The Company has two principal activities: the external research and development in data processing and telecommunications, and integration of systems in technical data processing and networks. It offers a range of services, including consulting and studies, development engineering and tests, as well as deployment and maintenance. The Company has such subsidiaries as Rucker Aerospace GmbH, Rucker France and its Dutch subsidiary Silver Aerospace BV, and I+D group in Colombia, among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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