Report
Nicolas Thorez

Wavestone : So far so good, but risk/reward profile less obvious. Downgrade to Neutral

>Q1 2022-23 preview: less favourable momentum in the very short term - In Q1 2022-23 (April-June), growth was penalised by a demanding comparison base (+22% of which +21% org. N-1). Embedded headcount growth, estimated at +6%, should be negatively offset by the consolidation of the activity rate (>75% vs 78% N-1) and a probably greater number of holiday days vs N-1. Price effects are set to remain modest (+1%e) with a neutral calendar effect over the quarter. As such,...
Underlying
Wavestone SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Nicolas Thorez

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