2CRSI : Not enough visibility. Neutral recommendation maintained
>H1 2019 highlighted the degree of dependence on Blade and a shortfall in new major contracts - To recap, underlying sales came in at € 21.5m, down 15% y-o-y and well below our forecasts (ODDO BHF: € 38m). Despite a significant improvement in the gross margin (+2.7pts at 23.1%), the group posted negative EBITDA of -€ 0.8m (ODDO BHF: € 3.2m) owing to higher opex with efforts to bolster the group's teams and resources. Following the presentation meeting, we understand t...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.
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.
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