(CercleFinance.com) – The group announced organic revenue growth of 5% compared to the 1st quarter of 2021-22, thanks to a good performance in services (+19%) and systems (+63%). ).
Orders stood at 5.6 billion euros (consensus at 5.5 billion euros), down 16% on an organic basis, but this is explained according to Oddo by the exceptional first quarter of 2021-22.
‘ The group has confirmed all of its 2022-23 objectives, which include: i/ a book-to-bill greater than 1x (the CFO is comfortable with this objective), ii/ an increase in sales (‘sustained’ according to the CFO), iii/ a progressive growth of the adjusted EBIT margin and iv/ a positive FCF’ indicates the analysis office.
Following this announcement, Oddo confirms its outperformance opinion on the stock with a price target of €33.
‘We have left our estimates unchanged for the rest of 2022-23, anticipating sales growth of 6% and an adjusted EBIT margin of 5.4%’ adds the analyst.
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