(Boursier.com) — Prodways lost 1.5% to 0.709 euros the day after its quarterly update and signed a fifth consecutive session in the red. The group, whose revenues fell at the start of the year, continues to target growth in its turnover on a comparable basis in 2024 as well as an improvement in its current Ebitda rate.
“With turnover still down 7% on a comparable basis (-26% as published), the start of the year is in line with our expectations,” explains TP ICAP Midcap. The broker considers, however, that the visibility on the return to growth is still too low. It still seems too early to assess whether the efforts made to revitalize commercial activity will bear fruit in the second half of this year. In this context, the analyst maintains his ‘hold’ recommendation considering that the stock still lacks catalysts despite an already low valuation. The objective is confirmed at 1 euro.
The momentum, unsurprisingly, remains difficult even if the first effects of the various reorganizations should be a little more visible (notably on costs), notes Oddo BHF. The valuation remains attractive but the lack of short-term catalysts encourages him to maintain a ‘neutral’ opinion. The M&A could be one but no news at this stage…
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