(Boursier.com) — Exclusive Network fell 0.25% to 20 euros despite the announcement of annual results for the less solid. The group specializing in the distribution of cybersecurity and cloud computing solutions for digital infrastructures generated adjusted EBIT of 154 ME in 2022, up 29%, for record gross revenue of more than 4.5 billion euros. , (+38% vs. 2021). Adjusted net profit reached 100 ME, up 39%. Management also highlighted the exceptional performance in terms of cash generation, with an adjusted operating free cash flow above 200 ME.
In the current environment, still affected by supply chain disruptions and uncertain market conditions (inflation, rising interest rates, geopolitical uncertainties), the Group aims to achieve for the year 2023 : a gross turnover greater than 5.150 MdsE; a net margin of between 450 and 465 ME; an adjusted EBIT of between 172 and 178 ME; and adjusted operating free cash flow above 80% of adjusted EBITDA.
Stifel (‘buy’) speaks of a mixed set of 2022 results with a reassuring 2023 guidance. Revenue momentum remained strong, but its concerns about net margin deteriorating materialized more strongly than expected, with net margin down nearly 100bps from the first half. The 2023 targets show that the company is confident that cyber spending is normalizing, but still growing in DD. Again, the negative comes from net margin guidance, which is expected to be 8.7-9.0% of gross sales, below consensus expectations, the broker said.
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