Reply Spa : Q4 organic growth in line and solid margins and FCF. Rating downgraded to Underperform on valuation grounds
>Q4 organic growth at +5%, in line with our expectations and showing acceleration - Reply's Q4 2020 sales, reported during trading yesterday, came to € 342m, with total growth of +8% and +5.2% in organic terms, in line with our expectations (ODDO BHF: +5.0% org.). Q4 2021 saw a sharp sequential acceleration after -0.6% in organic terms in Q3. Sales volume was 4% above expectations (ODDO BHF: € 329m) thanks to several acquisitions in Q4. By geography (see details on p....Reply is engaged in the provision of consulting, system integration and digital services, dedicated to the creation, design and implementation of solutions based on new communication channels and digital media. Co. is consisting of a network of specialist companies, supports European industries belonging to the Telco & Media, Manufacturing & Retail, Bank & Insurances and Public Administration segments, in defining and developing new business models utilizing Big Data, Cloud Computing, CRM, Mobile, Social Media and Internet of Things paradigms.
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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