WOOD Flash – Sirma Group Holding: weak 1Q23, driven by revenues mix
Recently, Sirma posted a weaker set of 1Q23 earnings, driven by the revenues mix, specifically System Integration sales, with a high component of hardware resales costs. Profitability may improve in the coming quarters, but within the context of broad-based pullbacks in IT spending in the current uncertain investment environment. The business cycle notwithstanding, investors may wish to revisit the story at these levels, post the recent Sirma AI/Ontotex disposal, in our view.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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