(CercleFinance.com) – Oddo indicates that Q4 growth comes out at 10% cc, above expectations (Consensus: 8.0% cc), with licenses up 5%, above expectations (Consensus: +3% cc ).
‘ Despite this strong growth, the non-IFRS operating margin came out at 34.9%, 60 bps below expectations and at the bottom of the guidance range due to the continued high level of recruitment (+400 people net in Q4) and an increase in sales commissions in line with the good commercial activity ‘indicates the analyst.
‘ For 2023, DSY is targeting growth of 8% to 9% cc, significantly above expectations (Consensus: +6.3% cc; Oddo BHF: 6.8%). The licenses are expected to be more resilient than the market anticipated (+2% to +5% vs Css: flat cc)’ adds Oddo.
Following this publication, the analyst is adjusting its growth forecast at cc for 2023 upwards from 6.8% to 8.8%.
Oddo raises its price target to E47 (vs. E44) and confirms its opinion at Outperformance.
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