reports
- TMT Team
- Gregory Ramirez
Transformation is bearing fruit
We reiterate our Buy rating and our DCF-derived PT of EUR89 following the publication yesterday evening of Q1 2023 revenues 2% above our forecast, thanks to double-digit growth in recurring licences led by solid demand in the automotive industry. ESI is reaping the fruit of its successful internal
- TMT Team
- Gregory Ramirez
Sale of the Systus business to Framatome
We reiterate our Buy rating following last night's announcement of the sale to Framatome of the Systus multi-physics simulation software business dedicated to nuclear plant manufacturers. This disposal is in line with ESI's aim to refocus on its core business as part of the "One ESI 2024" plan. Fro
- TMT Team
- Gregory Ramirez
Improved execution
We reiterate our Buy rating and have raised our DCF-derived PT to EUR89 from EUR82 after reducing our company beta (in view of increased revenue recurrence and improved execution). ESI has reported FY 2022 adj. EBIT margin ahead of expectations, with operating expenses well under control, and all t
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