(Boursier.com) — Lumibird fall of more than 9% to 15.85 euros this Friday, while the group’s consolidated turnover stood at 84 ME as of June 30, up 11% and 9% at scope and exchange rates constant… Lumibird recorded in the 1st half of 2022 a gross operating surplus of 11.2 ME, or 13.3% of turnover, compared to 19% a year earlier, under the effect of the structuring the organization for a higher level of activity in 2022 and beyond.
Current operating income for the half-year amounted to €3.9 million compared to €8.6 million in the first half of 2021.
The net result amounts to 1.2 ME vs. 5.1 ME in the 1st half of 2021.
Net financial debt amounted to €49.2 million as of June 30, compared to €14.9 million on December 31, 2021.
Catch-up in sight?
With an order book that remains extremely strong and a high level of demand, and on the other hand a stabilized level of expenses, the company expects to make up for the most part in the 2nd half of the delay in profitability recorded in H1. In this context, Lumibird reaffirmed its 2023 published revenue targets of 250 ME under the effect of organic and external growth, and an EBITDA margin rate continuing to grow within a range of 20 at 25%…
“As in 2019, the phasing of opex may surprise but does not call into question the trajectory of a high level of profitability and close to 2021” comments Portzamparc who confirms his growth scenario (H2 +18% of which +12% at pc ), but lowered its EBITDA expectations by 2pts to 20% (PZP EBITDA S2 25% +4pts). “Despite this H1 and the current environment, Lumibird should maintain sustained momentum, good ‘pricing power’ and quickly return to profitability of more than 20%” explains the analyst who confirms his ‘Buy’ opinion, but lowers his target price of 24 to 21 euros…
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