(Boursier.com) — At the head of the SRD, Lectra soared by almost 9% to 32.7 euros. The buyer flow on the firm specializing in software and automatic cutting systems is linked to a note from Oddo BHF which raised its opinion on the file to ‘outperform’ by targeting 36.5 euros. The extent of the rebound in orders in 2024 remains uncertain but the low point seems behind. Depending on the pace of recovery, the potential for an upward revision of the consensus exists (flat+ scenario on orders).
At the same time, Lectra is entering 2024 with better fundamentals (recurring base, SaaS mix, optimized cost structure) while the post-Launchmetrics balance sheet situation remains healthy and makes it possible to consider other acquisitions, underlines the broker. The valuation (EV/EBIT 16.2x 2024 and 11.1x 2025) represents a good entry point given the potential for margin growth, the evolution of the business model (SaaS around 15% of 2024 turnover), then that a speculative scenario could possibly emerge in the medium term (managerial transition), adds the analyst.
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