Oddo BHF - AKKA Technologies SE (AKA) AKKA Technologies : Décélération au T3 et reprise lente. Priorité à la rentabilité à court terme

Report

Oddo BHF

Nicolas Thorez

AKKA Technologies : Décélération au T3 et reprise lente. Priorité à la rentabilité à court terme

>CA T3 2021 de 371.8 M€ (+4.8% org), inférieur à nos attentes - Akka a publié hier après Bourse un CA T3 2021 légèrement inférieur à nos attentes. Le niveau d’activité s’établit à 371.8 M€ (vs ODDO BHF 385.7 M€, i.e. 4% en-dessous), en croissance de 5.9% y/y en publié et +4.8% en organique. Cette décélération en séquentiel (malgré une base de comparaison favorable) est en partie expliquée par une saisonnalité traditionnellement faible, et des prises de congés supérieu...

04/11/2021 4 FR

Underlying

AKKA Technologies SE

Akka Technologies is an engineering and technology consultancy company. Co. bases its service around two areas which enable it to cover the full life cycle of a product: information and systems technology and engineering. Co.'s activities can be divided into six areas: Mechanical Engineering, Process Engineering, Document Engineering, Industrial Information Technology and Embedded Systems, Information Systems and Consulting. Co. operates mainly in France, Belgium and Germany. Co also operates in Italy, Romania, Switzerland, Spain, England and Canada.

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FR0004180537 Euronext Brussels Belgium

Provider

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.

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Analysts

Nicolas Thorez

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Maurel et Prom : Appetite for M&A

Following the change of analyst covering the stock, we are adopting an Outperform recommendation and a target price of € 6.3, excluding assets in Venezuela under threat of US sanctions. Output growth is strong, at 6% per year from 2024 to 2029e, thanks to M&A. A lifting of sanctions on Venezuela would lead to stronger growth of 12% per year and a fair value of € 8.6.

9h / 5m 9h / 5m 1 EN

Ahmed Ben Salem ... (+2)

Ahmed Ben Salem
Baptiste Lebacq

Maurel et Prom : De l’appétit pour le M&A

Suite à un changement d’analyste, nous adoptons une recommandation Surperformance et un OC de 6.3 €, excluant les actifs au Venezuela, sous menaces de sanctions américaines. La croissance de la production est solide, à 6%/an sur 2024-29 grâce au M&A. Un abandon des sanctions sur le Venezuela conduirait à une croissance plus solide de 12%/an et une fair value de 8.6 €.

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AKKA Technologies : Décélération au T3 et reprise lente. Priorité à la rentabilité à court terme

ODDO : Accenture ne voit aucun ralentissement de la demande pour le moment

ODDO BHF Small & MIDCAP MORNING NEWS - 06/24/2022

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2022

Maurel et Prom : Appetite for M&A

Maurel et Prom : De l’appétit pour le M&A

SES : New benchmark bond issue to replace the Intelsat bridge facility

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