Hybrid Software Group Drupa exhibition as key growth accelerator in 2024.
We expect the Drupa exhibition to be a key catalyst for Hybrid Software Group this year. Although we do expect a sales lag leading up to the event, this should be more than compensated by a strong boost to sales over 2H24. This will put HYSG solidly on track for their €100m revenue target at 35% margin and will return some confidence in the stock after a more subdued 2023. We lower our TP slightly to €5.0 from €5.3, mainly from shifting that €100m target to the later end of the guided range. However given the significant upside potential we upgrade our recommendation to Buy from Accumulate.Global Graphics is a French-based holding company. Co. provides open documents and print solutions and provides high-performance software components to the commercial and digital print markets and for electronic document software applications. Co. is active in four principal market segments: Graphic arts and commercial print; Office printing; Software applications; and End-user products for electronic document creation and manipulation. Co. operates in four geographical areas: Continental Europe (including France), the U.K., North America (U.S.A. and Canada) and Asia (notably Japan). Co.'s customers include OEMs, system integrators, software developers and resellers.
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