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Cedric Rossi ... (+3)
  • Cedric Rossi
  • Clement Genelot
  • Gregory Ramirez

Claranova: a strong set of H1 numbers, FY24 guidance reiterated

Yesterday evening, Claranova reported H1 FY24 aEBITDA 3% above expectations, driven by improving profit trends in all three businesses. As such, H1 aEBITDA soared 58% to EUR27.5m, representing a 360bp-margin improvement to 9.1%, which was the profitability level of H1 FY21. Against this strong firs

Cedric Rossi ... (+3)
  • Cedric Rossi
  • Clement Genelot
  • Gregory Ramirez

Claranova: stable H1 sales trends and strong margin rebound expected

Yesterday evening, Claranova posted H1 FY24 revenue of EUR301m, down 4% reported and up 1% lfl. In Q2 alone, lfl was also up 1% with a promising sequential improvement at PlanetArt (-2% lfl) whereas momentum remained strong at Avanquest (+14% lfl). During the conference call, management guided for

Gregory Ramirez
  • Gregory Ramirez

Successful transition to subscriptions

We have upgraded our rating to Buy from Neutral and have raised our DCF-derived PT to 1,450p from 830p in view of FY 2024 company guidance above expectations. In addition, growth and margin improvement looks sustainable as Sage is expected to benefit from many drivers in the coming years, while 79%

Cedric Rossi ... (+3)
  • Cedric Rossi
  • Clement Genelot
  • Gregory Ramirez

Q1 FY24 sales: PlanetArt sales growth still negative as the group deli...

On Wednesday evening, Claranova posted Q1 FY24 revenue of EUR91m, down 5% as reported and showing a flattish lfl performance given the dichotomy in trends between PlanetArt (-7% lfl) and Avanquest (+14% lfl). Pending PlanetArt's return to top-line growth, we feel that management has greater visibil

Gregory Ramirez
  • Gregory Ramirez

Hard work is paying off

We reiterate our Buy rating following Q3 2023 sales roughly in line with expectations. Growth momentum continued to slow, but Capgemini remains committed to its 14% operating margin goal for 2025, and the 13.2% margin now guided for 2023 makes this target achievable. We have raised our adj. EPS est

Gregory Ramirez
  • Gregory Ramirez

Still on the rise

We reiterate our Buy rating and raise our DCF-derived PT to EUR18 from EUR17 to reflect Q3 revenue growth way above expectations and our confidence in Indra's ability to exceed company guidance for FY 2023. The company is now well engaged in the new strategic plan to be announced in Q1 2024, and we

Gregory Ramirez
  • Gregory Ramirez

Armed for potentially choppy waters

We reiterate our Buy rating and have adjusted our DCF-derived PT to EUR255 from EUR260 following the Q3 publication, confirmed guidance for 2023 and the confirmation lfl growth is unlikely to reach the low-end of the 4-6% medium-term target in 2024. That said, Sopra Steria will probably be one of t

Gregory Ramirez
  • Gregory Ramirez

Decent growth but slowdown in automotive

We reiterate our Buy rating after Q3 2023 growth almost in line with expectations. Alten experienced a faster-than-expected slowdown in automotive in Germany and Sweden, while most regions and industries posted solid performances. Net staff hiring resumed in September and October after an unexpecte

Gregory Ramirez
  • Gregory Ramirez

Reduced visibility

We reiterate our Sell rating as have lowered our DCF-derived PT to EUR20 from EUR29 amidst reduced visibility and a second downward revision to company guidance for 2023. The decline in new system orders remained strong in Q3 2023. Beyond 2023, the lack of visibility for the coming months has led u

Gregory Ramirez
  • Gregory Ramirez

The "Andreades effect" still plays

We reiterate our Buy rating and our DCF-derived PT of CHF78 following the publication of Q3 2023 results way above expectations, while company guidance for 2023 has been upped slightly. Market conditions have stabilised for a year. Interim CEO Andreas Andreades is proving he is doing a good job and

Gregory Ramirez ... (+2)
  • Gregory Ramirez
  • Paul Charpentier

Company guidance raised on strong Q3

We reiterate our Buy rating and have lifted our DCF-derived PT to EUR76 from EUR74 following the announcement of raised company guidance for 2023. The outstanding Q3 results pre-announced yesterday were driven by one-off effects in the Design and Build division, on top of catch-up effects from Q2 a

Gregory Ramirez
  • Gregory Ramirez

What crisis?

We reiterate our Buy rating and have raised our DCF-derived PT to EUR153 from EUR146 on slightly revised forecasts and more optimistic WCR assumptions given strong year-to-date free cash flow. Q3 2023 results clearly exceeded expectations thanks to a significant increase in cloud gross margin. Desp

Gregory Ramirez
  • Gregory Ramirez

Appeasement but still many unknowns

We reiterate our Sell rating following the update provided by management on the contemplated sale of Tech Foundations to EPEI (Daniel Kretinsky) and the appointment of Jean-Pierre Mustier as non-executive Chairman. This appointment should appease investor anger in the short term in our view, but fu

Cedric Rossi ... (+3)
  • Cedric Rossi
  • Clement Genelot
  • Gregory Ramirez

Time for margin recovery

On Wednesday, CLA unveiled FY 2022/23 results in line with CSS expectations, notably with FY aEBITDA up 27% YoY (vs. guidance of +25-30%) including a significant margin rebound in H2, helped by tailwinds that should also drive the profitability improvement in FY 2023/24. In view of these supportive

Gregory Ramirez
  • Gregory Ramirez

Generative AI: opportunity knocks for IT Services

In IT Services, Generative AI can enhance developer support, streamline documentation processes, and facilitate code generation. Drawing a parallel with past industry disruptions, such as standard software packages and offshoring, which complemented existing practices rather than rendering them obs

Gregory Ramirez
  • Gregory Ramirez

Back to the "old normal"

We have adopted a Buy rating (vs. Conviction Buy) as revenue growth momentum is returning to normative mid-single digit trends: North America is more affected by Europe and Asia Pacific by economic headwinds. However, in our view, Capgemini still has room for improvement in utilisation rates and do

Gregory Ramirez
  • Gregory Ramirez

Significant operating leverage remains

We reiterate our Buy rating and adjust our DCF-derived PT to EUR260, taking into account the recently-closed acquisition of Ordina and a purchase of the remining 25% of SSCL. We estimate operating margin could widen by 1.3ppt over 2022-2025 to 10.2%, primarily thanks to synergies with acquisitions,

Gregory Ramirez
  • Gregory Ramirez

Governance stability and defence focus

We reiterate our Buy rating and raise our DCF-derived PT to EUR17 from EUR15 with the elimination of potential dilution from EUR250m in convertible bonds due in October 2023 which have been repurchased. Revenue growth is boosted by the Transport & Defence business (T&D), but the IT business

Gregory Ramirez
  • Gregory Ramirez

No visibility, no price target

We reiterate our Sell rating and have put our PT under review given the lack of visibility we have on plenty of parameters: transparency on the conditions of the contemplated disposal of Tech Foundations to EPEI (Daniel Kretinsky), whether shareholders will vote or not for this disposal and the EUR

Gregory Ramirez
  • Gregory Ramirez

Toeing the line after outstanding years

We have downgraded our rating to Buy from Conviction Buy and adjusted our DCF-derived PT to EUR159 from EUR176, still offering 26% upside potential. Following the publication of H1 2023 operating margin below expectations, management's secular 10% operating margin goal is unlikely to be achieved in

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