Sarens : Underinvestment risk and transparency deny changing our recommendation

FY 23 results were subject to splendid revenue growth, but also to flattish EBITDA given inflationary headwinds, while Sarens used its capex restriction to buy back portions of the subordinated bond. - Despite the increase in cost of debt, labour scarcity and raw material sourcing risk, 2023 was a good year for Sarens and we hear and read from the company that 2024 will be in line with that. Construction delays at large sites, often read in media these days, are actually an advanta...