(CercleFinance.com) – Following the announcement of the group’s 4th quarter 21023 results, Oddo BHF confirms its neutral advice on the value with an unchanged price target of 210 E.
Revenue for the fourth quarter of 2023 amounted to €5,616 million, down -0.2% at cc. According to Oddo BHF this figure is roughly in line with expectations (Oddo BHF forecast: E 5,599 million, down -0.5% year-on-year cc; against: E 5,595 million, down -0.6% year-on-year tcc).
‘Organically, growth is -0.9%, decelerating compared to the previous quarter (vs Q3 2023 +2.3% organic), this figure is 10bp above expectations (Oddo BHF: -1.0% ; consensus: -1.3%) ‘ indicates the analyst.
The 2023 operating profit stands at 2,991 ME, 0.8% above expectations (Oddo BHF forecast: 2,970 ME; consensus: 2,967 ME).
‘The FCF amounts to 1,963 ME, up 6% over one year, 10% above expectations (Oddo BHF: 1,791 ME; consensus: 1,784 ME)’ underlines the analysis office.
For the 2024 financial year, Capgemini forecasts: – growth in turnover at cc of 0% to 3%, i.e. -1.1 pt below consensus expectations at (Oddo BHF: 0.9%).
‘Forecasts for the 2024 financial year are more than one point lower than expected, with a smooth first half followed by an improvement in the underlying trends in H2. This is offset by a stronger FCF for financial year 2023 and a solid margin for financial year 2024’ adds Oddo BHF.
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