Cegedim : Si la bottom-line marque le breakeven, le ROC s’effrite
>Erosion du ROC par la hausse des D&A – Génération de cash toujours faible - Pour un CA (déjà publié) en progression de 6% (+4.6% org), l’EBITDA s’établit à 52.2 M€, i.e. une marge en légère hausse de 20 pb à 16.4% grâce à la bonne maitrise des Opex. Cependant, suite à la hausse des R&D capitalisé, le ROC ressort à 10.3 M€ (MOC – 40 pb à 3.2%) avec : Logiciel & Service (48% du CA S1) : ROC en amélioration mais qui reste en territoire négatif à -1.4 M€ (vs -2.5 M€...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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