(Boursier.com) — Aubay camped on 41 euros this Friday, while the group published a turnover for the 2023 financial year of 534.1 ME, a purely organic increase of 4%.
This turnover is finally in the middle of the range announced in October and benefits from a fourth quarter which saw several parameters improve compared to Q2 and Q3, a productivity rate of consultants once again at above 93%, a drop in inter-contracts and a slight increase in staff numbers.
Despite the context, sales prices were able to increase in all areas of activity with the exception of Italy, allowing the group to contain the inflationary pressures which persist on its labor costs.
Consequently, the operating margin of activity is expected at the top of the range announced in October, namely between 8 and 9%…
Signs of wait-and-see
The market at the start of 2024 resembles that encountered in 2023. Signs of wait-and-see and even search for savings are still present among several clients… However, the opportunities remain numerous and digitalization projects continue to require a technical support and advanced expertise.
The first quarter will be affected by an unfavorable calendar effect while the 2024 financial year as a whole will benefit from a favorable calendar effect.
Aubay remains cautious with a very clear objective of preserving its margins and currently anticipates organic growth of between 0 and +3%, i.e. a turnover in the range of 534 to 550 ME.
The operating margin on activity is expected to be at the same level as in 2023.
Among the latest analyst opinions, ID Midcaps downgraded the stock to ‘accumulate’ by targeting a price of 44 euros.
©2024 Boursier.com