Wavestone - Excellent fundamentals but lack of catalysts
Stable 2022/23 results after spectacular 2021/22 performanceProfitability weighed down by recruitment difficulties, inflation and post-Covid spending recoveryFor once, Wavestone failed to meet its profitability targetDemand less euphoric than a year ago, but no collapse yetOrganic growth expected in 2023/24 in line with 2022/23, thanks to the on-board increase in headcount, and slight improvement in target profitabilityWell-managed company with strong international development potential, but consulting business is cyclical and a slowdown is likely by year-endWavestone SA, formerly Solucom SA, is a France-based company active in the information technology (IT) sector. It provides infrastructure consultancy services in the fields of telecommunications and networks, Strategy & management, IT transformation, IT Governance, IT architecture and Security & risk management. The Company operates through subsidiaries: Arcome, which offers marketing and technological innovation services for global companies in the information technology industry; Idesys, offerring consultancy services in the management and governance fields; New'Arch, which provides consultancy services in technical architecture of information systems; KLC, which offers consultancy services in information system and industrial investments for corporate clients; Cosmosbay-Vectis that offers business development and transformation consulting, and Xceed Group Ltd, which provides computer related services, among others.
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