(Boursier.com) — Down more than 5% at the opening, Ekinops returned close to balance the day after the announcement of a quarterly turnover of 30.3 ME, down -4%. At the end of the year, Ekinops continued to suffer from a degraded market environment, marked by the economic slowdown and a drop in demand, penalizing sales of Access equipment. Over the entire 2023 financial year, consolidated turnover stood at €129.1 million, up +1% (+2% at constant exchange rates). Ekinops confirms its 2023 objective of an EBITDA margin of between 13% and 17%.
Despite a somewhat disappointing end to the year, the tone for 2024 remains positive with the prospect of a rebound in Access and the maintenance of good momentum in Transport, notes Oddo BHF. The company therefore seems capable of maintaining positive growth in 2024 (although back-end loaded), but with little visibility on the inflection point in Access and the S1/S2 growth sequence. Out of caution, the analyst lowers his 2024 growth scenario from 7% to 5%. Despite everything, the file presents an attractive valuation, attractive rebound prospects, and intrinsic qualities which support its ‘outperformance’ opinion, although with an adjusted objective of 8 to 7.5 euros.
Portzamparc for its part reduces its objective from 9 to 8.7 euros but remains ‘buy’.
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