Wavestone : Q1 seems to be a low point – Buy rating confirmed
>Disappointing growth in Q1, on a very demanding base of comparison - On Wednesday evening, Wavestone reported Q1 2019-20 (calendar Q2) revenues up 2.5% to € 98.3m, significantly below our estimate (ODDO BHF: € 102.1m +6.5% y-o-y). Organic growth was zero (we expected +4.7%) showing a slowdown vis-à -vis Q4 (+4.7% organic). We understand that this slowdown reflects an unfavourable base effect in the activity rate, which was maintained at 74%, stable relative to Q4 but...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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