(Boursier.com) — In an uncertain market ahead of inflation figures in the United States, OVH advances 1.6% to 8.5 euros. The leading European provider of cloud computing services revealed a turnover of 240 million euros in the first quarter of 2024, up 12% like-for-like. The company confirmed its 2024 annual objectives, namely organic growth of between 11% and 13%, an adjusted EBITDA margin above 37%, recurring Capex of around 16% of turnover, Capex of growth of around 24% in turnover and a generation of “Unlevered Free cash flow” in the second half of 2024.
Stifel speaks of revenues in line with its expectations. The next CMD will be an opportunity for the group to look ahead to 2026 and demonstrate the relevance of its economic model, according to the broker, as well as to show that the competitive advantage it draws from its integrated model which effectively allows it to generate margins at least in line with those of its competitors. The group should therefore demonstrate that with good control of its fixed costs, operating income for 2026 could significantly exceed the expectations of the current consensus and those of the broker. The latter currently expects 67 ME in EBIT for the 2026 financial year, or a margin of around 5%.
This quarterly publication does not bring out any very surprising elements with dynamics in Q1 without disruption and unchanged prospects, explains Oddo BHF. It will be followed on January 17 by a much more important meeting, namely a Capital Markets Day in London during which the new roadmap will be communicated (the turnover and EBITDA margin objectives of the previous roadmap having abandoned last October following deterioration of the macroeconomic environment and in return for positive unlevered FCF commitments). The analyst remains ‘neutral’ on the stock with earnings forecasts and a price target (8 euros) unchanged.
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