Cegedim : 2020 results in line and 2021 guidance relatively cautious. More upside, we have upgraded to Outperform vs Neutral but target price of € 29 maintained
>Operating margins showed good resilience apart from BPO - Yesterday evening, Cegedim reported its full-year results. The company had already released its 2020 sales, which were unsurprisingly down by 0.2% on an organic basis to € 496.9m, reflecting a good pick-up in activity in Q4. EBITDA totalled € 103.9m, close to our expectations (€ 100m) and in line with the group's guidance for stable EBITDA, i.e. a margin of 20.9%, up 81bp vs 2019. The operating margin is 8.3%,...Cegedim is a technology and services company. Co. supplies services, IT tools, specialized software, information flow and database management services to healthcare industries, pharmaceutical companies, healthcare professionals and insurance companies. Co.'s operations can be divided into three sectors: CRM and Strategic Data (optimizing marketing and sales strategies, namely through tools and databases for managing sales forces, returns on investment, market or prescriber studies); Healthcare Professionals (software publishing with availability of promotional information) and Insurance and Services (software publishing and management of healthcare reimbursement flows).
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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