KBC Securities - Global Graphics S.A. (GLOG) Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

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KBC Securities

Thomas Couvreur

Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

Hybrid Software Group's 3Q24 results are weaker than expected both in top & bottom line. Coming from a strong 1H24 combined with an expected order uptick from the Drupa exhibition, flat revenues YoY are a surprise. We maintain our recommendation and TP for now, though do see some additional downside risk to our case.

24/10/2024 1 EN

Underlying

Global Graphics S.A.

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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GB00BYN5BY03 Euronext Brussels France

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KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Couvreur

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Morning Notes : ATEB BB

: ATEB BB

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Thomas Couvreur

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Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

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Hybrid Software Group Weaker 3Q24 than expected; Drupa effect not (yet) visible

We are a financial services provider for several types of professional clients, each with distinct needs.

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Hybrid Software Group Goodwill impairments offset profitability improvements for FY24

Hybrid Software Group A €1 million share buyback announced

Morning Notes : ATEB BB

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Aedifica Solid 1Q25, close to fair value

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