(Boursier.com) — In a strongly bullish market, Ekinops limits its gains (+0.3% to 6.3 euros) this afternoon despite a solid annual publication. Despite persistent tensions over supplies, Ekinops expects sustained organic growth in 2022, at least equal to that recorded in 2021 and an EBITDA margin of between 14% and 18%, integrating human and technological investments to execute the new growth plan.
Bryan Garnier talks about solid results, slightly below his expectations, but with record profitability, reflecting robust commercial traction and good resistance to the headwinds of the semiconductor crisis. Ekinops intends to further increase its investments in R&D and Sales & Marketing in order to increase growth beyond the 12% observed in 2021, which could weigh on short-term profitability. The broker has adjusted its growth and EBITDA estimates to better reflect the group’s new investment strategy, and thus lowers its target price from 11 to 10.7 euros. It remains nevertheless to ‘conviction to ‘purchase’ on the title.
Oddo BHF also adjusted its target from 10 to 9.5 euros but reiterated its opinion of ‘outperforming’ in view of the potential upside, solid fundamentals and good prospects for the group.
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