Wavestone : Disappointment on Q3 growth but the valuation remains attractive
>Disappointing organic growth for Q3 2018 - Yesterday evening, Wavestone published Q3 sales of € 102.2m (calendar Q4) up 8.0% y-o-y on a l-f-l basis, of which 4.0% organic, well below our forecasts (vs Oddo BHF: 7.1% y-o-y organic growth to € 106.1m). This level of growth is stable vs Q2 (+4% organic) which had been penalised by a decline in sales over the summer particularly in the bank-finance segment, which represents around 44% of Wavestone’s sales. Restated fo...Wavestone SA, formerly Solucom SA, is a France-based company active in the information technology (IT) sector. It provides infrastructure consultancy services in the fields of telecommunications and networks, Strategy & management, IT transformation, IT Governance, IT architecture and Security & risk management. The Company operates through subsidiaries: Arcome, which offers marketing and technological innovation services for global companies in the information technology industry; Idesys, offerring consultancy services in the management and governance fields; New'Arch, which provides consultancy services in technical architecture of information systems; KLC, which offers consultancy services in information system and industrial investments for corporate clients; Cosmosbay-Vectis that offers business development and transformation consulting, and Xceed Group Ltd, which provides computer related services, among others.
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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