(Boursier.com) — Lumibird climbs 5.7% this Wednesday to 14.86 euros, while the group managed to stabilize its gross margin rate at 61.7% in 2023. In published data, including the recent acquisition of Convergent, EBITDA is increasing +10%, to €34.5 million, or 17% of turnover. Convergent’s contribution to EBITDA is negative 1.6 ME. The EBITDA margin excluding Convergent increased by almost 2 points: from 16.4% to 18%. The objective of a margin greater than 17% has therefore been largely achieved. This progress was made possible by the control of external and personnel costs in both divisions.
The improvement in profitability is currently more marked in the Photonics division (EBITDA margin at 17.9% excluding Convergent vs. 15.2% in 2022) than in the Medical division (18.1% vs. 17. 6% in 2022), further impacted by residual additional purchasing costs linked to shortages in 2022. In published data, current operating profit stood at €18.5 million compared to €16.4 million in 2022. Convergent’s contribution to current operating income is negative at -2.4 ME. Current operating income excluding Convergent stands at €20.9 million. The net result in published data stands at 7.1 ME, compared to 11.4 ME in 2022.
After three years of strong investments, Lumibird says it is more than ever positioned to benefit from the growing trends in its markets with an adapted product offering and an innovation and production capacity reinforced by the growing integration of key technologies.
Lumibird plans to maintain like-for-like growth above 8% and continue to improve its profitability.
Portzamparc underlines “the good resistance of the margin in H2 and the 2024 outlook”. Enough to reassure the analyst in the group’s ability to return to more normative levels of profitability. Verdict: “Buy aiming for a price of 14.20 euros”.
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