Report
Nicolas Thorez

2CRSI : H1 results fall short of expectations. Towards a more fruitful H2

>A marked decline in profitability in H1 due to investment, and the change to the operational parameters - Yesterday evening, 2CRSi published H1 results (March-August) that fell short of our estimates. For revenue (already published at end-October) of € 95.7m, up 6.1% y-o-y, EBITDA was € 2.6m (vs ODDO BHF € 4.3m), i.e. a margin of 2.7%, representing a marked -200bp deterioration vs the 4.7% reported in H1 2021-22. This was despite a gross margin that was broadly stabl...
Underlying
2CRSI SA

2Crsi SA. 2Crsi SA is a France-based company, which serves as a manufacturer of server solutions and other data storage device wholesaler. Its portfolio of solutions includes Data Centers, which provides customers with smarter storage; Independent Software Vendors (ISV), which enables users to create solutions that optimize customers' data experience; Industries, which provides information technology (IT) equipment for a number of industries, including the aerospace, petroleum, oil & gas and healthcare sectors, among others. Additionally, 2Crsi manufactures a range of products, which includes servers, storage solutions, converged platform, appliances and micro clusters. Its customers include OVH, Free, Dassault Group, CGG Veritas, and many independent software vendors, data centers, distributors, and other businesses, among others.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Nicolas Thorez

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