Fives (Novafives) : Recovery, albeit tentative, confirmed for 2023

After a lukewarm H1 2022, Fives reported a strong set of Q3 2022 results, featuring an upturn in operating performance and credit metrics. Hampered by a challenging logistics environment, the order book, which hit a record high at end-September 2022, was slow to feed through to earnings. As outlined in this report, brisk business momentum and the steady return to normal contract implementation pace should translate into markedly improved earnings in 2023. However, a significant d...