>Croissance T2 flat à cc, légèrement inférieure aux attentes - Accenture a publié hier avant l’ouverture de la Bourse US, ses résultats T2 2024 (trimestre clos à fin février). La croissance ressort flat y/y à cc, en ligne avec le milieu de fourchette de sa guidance (-2% à 2% y/y à cc) mais légèrement en-dessous des attentes (+0.7% y/y à cc). Il s'agit d'un nouveau ralentissement par rapport au T1 2024 (+1% à cc). Ce ralentissement est notamment lié au déclin des acti...
>Q2 growth flat at cc, a shade below forecasts - Yesterday before trading started on the US market, Accenture reported its Q2 2024 earnings (quarter to end-February). Growth was flat y-o-y at constant currency, in line with the middle of the guidance range (-2% to 2% y-o-y at cc) but a shade below forecasts (+0.7% y-o-y at cc). This was a fresh slowdown relative to Q1 2024 (+1% at cc). This slowdown is due notably to the downturn in the operations activities, with a ...
2023 results slightly below our expectationsEBIT margin (before the cost of bonus shares) deteriorated further in H2 (8.6% vs. 9.2% in H1), although it remains at a good levelLike other IT Services sectors with high exposure to the banking sector, Infotel's growth has stalled since Q2, which has logically weighed on profitabilityQ1 will see a further decline, given the high basis for comparisonDemand remains solid, however, and business in 2024 is expected to grow, with profitability improv...
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
>Contraction in 2023 earnings but broadly speaking close to expectations - Infotel reported 2023 results that were broadly in line with our expectations. On full-year sales (already reported) of € 307.5m, showing organic growth of 2.4%, underlying EBIT came to € 27.5m excluding free share allocation costs, down -7.7% (vs ODDO BHF estimate € 27.9m). This points to an adjusted underlying operating margin of 8.9% (excluding free share allocations), or a fall of 100 bp y-...
>Des résultats 2023 en contraction mais globalement proches des attentes - Infotel a publié des résultats 2023 globalement conformes à nos attentes. Pour un CA FY (déjà publié) de 307.5 M€, en croissance de 2.4% org, l’EBIT courant s’affiche à 27.5 M€ hors coût des actions gratuites, en retrait de 7.7% (vs ODDO BHF 27.9 M€). Ceci fait ressortir une MOC ajustée de 8.9% (hors AGA), soit un retrait de 100 pb y-o-y, et de 8.1% en incluant le coût des actions gratuites (vs...
Third conscutive quarter of decline (-1%), still due to lower activity in the banking sector, particularly at BNP ParibasThe Group anticipates stable H1 2024 sales before a return to growth in H2Thanks to the flexibility provided by the large proportion of subcontracting, Infotel should stabilise its EBIT margin close to the H1 2023 levelThe 2026 plan looks increasingly out of reachWith Q1 sales likely to decline and 2026 targets likely to be lowered, newsflow is not goodNonetheless, we are main...
>No improvement in Q4 with sales down 1.2%, below expectations - After the close of trading yesterday Infotel reported Q4 sales that fell short of our expectations. Quarterly sales came to € 78.8m, down a slight 1.2% y-o-y (vs ODDO BHF € 83.4m), or 5% lower than we expected. Activity therefore did not really improve at year-end, whereas we expected a slightly sequential recovery after the weakness in Q2 (-0.2%) and Q3 (-1.6%). This contraction is attributable to the o...
>Pas d’amélioration au T4, avec un CA en baisse de 1.2%, inférieur aux attentes - Infotel a publié hier après Bourse un CA T4 en dessous de nos attentes. Le CA trimestriel s’établit à 78.8 M€, en léger repli de 1.2% y-o-y (vs ODDO BHF 83.4 M€), soit 5% inférieur à nos attentes. L’activité ne s’est donc pas véritablement améliorée en fin d’année, alors que nous attendions un léger rebond en séquentiel après les trous d’air du T2 (-0.2%) et du T3 (-1.6%). Cette contract...
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