(Boursier.com) — Prodways collapsed by 14.4% to 1.22 euros in the first exchanges in Paris. It must be said that the specialist in 3D printing for industry saw its growth slow down significantly in the third quarter with a turnover of 16 ME, or around 1 ME below the level of the same period in 2022. The activity is particularly penalized by the weakness of printer deliveries, anticipated for several months, to which is added an unfavorable economic situation which impacts short-cycle activities, in particular printing on demand. Under these conditions, achieving the 2023 guidance is uncertain, warned management. As a reminder, this was “around +5% revenue growth” and “around 8% current EBITDA margin.
Portzamparc speaks of an unpleasant surprise and reduces the target from 2.2 to 1.7 euros while remaining ‘keep’. For the broker, the new guidance is now unattainable. Same story at Oddo BHF. The analyst notes that there is no official warning but that the objectives are now not very credible. Despite the share’s decline since January 1 (57% as of last night), the multiples are not cheap (11.1x in 2024 EV/EBITDA) compared to direct American comparables. The broker confirms its ‘neutral’ opinion on the stock with a target reduced from 2 to 1.5 euros.
Finally, TP ICAP Midcap explains that the slowdown in activity is more marked than expected in the 3rd quarter (-8%), including in Products which until now was driving the group’s growth (-6% in Q3). Given this negative trend, the annual guidance, which had already been lowered a few months ago, is now more than at risk… As the momentum remains unfavorable in the short term, the broker reiterates its ‘hold’ recommendation with a target adjusted from 2.5 to 1.5 euros following the drop in its expectations and the evolution of the valuation by comparable.
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