(Boursier.com) — 2CRSI corrected by 18% to 1.70 euros this Wednesday, while the significant change in the scope with the sale of Boston, which represented the majority of turnover, led to an evolution
significant reporting… It is now the consolidated accounts of the HAW family holding company which will be published on an annual basis. “In the meantime, the group has revealed the social accounts of 2crsi SA for H1 (at the end of August), which according to us correspond to approximately 2/3 of the group’s external turnover in its new scope” comments Portzamparc. “This necessarily limits the relevance of our analysis of the accounts, but the available figures and operational indications are in line with the expected trend: S1 penalized by a lack of activity (social turnover 11.2 ME -29%) which is increasing the loss (social REX -4.9 ME vs -3.5 ME n-1)”.
The analyst continues: “H2 looks set to be much better, as expected, in line with the numerous commercial announcements over the past three months… With an order book of more than €40 million, management anticipates a return to profits from H2, which as a reminder will go until June 2024 taking into account the change in closing date. Finally, note that cash remains to be monitored with a gross cash flow of -1.3 ME as of December 18, while this indicator had surprised positively at the beginning of November (+9.1 ME). As a bonus of the exceptional dividend paid, we understand that the WCR has consumed significantly over the period. The group nevertheless retains room for maneuver with 6.5 ME of financing lines mobilized”.
“The detachment of the exceptional dividend mechanically impacts our price target which goes from 2.4 euros to 2.2 euros. The investment thesis, based on a deleveraged group and refocused on a cutting-edge offering, remains valid in our eyes. .. The risk/reward seems less favorable to us after the strong rebound of the stock (+208% vs. annual low by reinstating the dividend), especially since the change in reporting leaves certain questions unanswered for the moment. .. Pending the presentation on January 31 which will clarify the outlook, we are therefore moving from Buy to Hold” concludes the analyst.
©2023 Boursier.com