(Boursier.com) — Dried Environment down 4.5% to 103 euros after announcing contributed revenue for 2022 of 895.3 ME, up +21.7% in published data and +14.4% at constant scope and exchange rates compared to to 2021.
During the 2022 financial year, the Group pursued a dynamic external growth policy with the acquisition of approximately EUR 90 million in full-year revenue and increased its commercial offer by integrating new activities in the circular economy or environmental services.
Gross Operating Surplus (EBITDA) reached 201.6 ME, or 22.6% of contributed revenue, marking an increase of +18.4% over one year. On a like-for-like basis, it was up by +15.2% (at constant exchange rates), to reach €197.5 million, or 23.3% of contributed revenue. Séché Environnement explains this slight improvement in gross operating profitability by the solid contribution of the France scope and the strong increase in gross operating profitability internationally.
Current Operating Income (ROC) stood at €91.3 million, i.e. 10.2% of contributed revenue, marking a strong increase of +27.7% in published data compared to 2021 (€71.5 million, i.e. 9.7% of contributed revenue). The Group share of net profit amounted to €44.6 million, or 5% of contributed revenue (€28.4 million and 3.9% of contributed revenue a year earlier). The dividend is increased from 1 euro per share to 1.10 euro per share, it will be detached on July 7 and will be paid from July 11, 2023.
Séché Environnement anticipates contributing revenue this year at a level close to 1 billion euros with an EBITDA margin rate close to 22%…
Portzamparc speaks of a “very good publication”, while Séché does not perceive a slowdown in activity and will continue to record solid growth in its results. “Our scenario, recommendation and price target will be reviewed after this morning’s presentation meeting. We remain convinced of the quality of the file and the consensus should raise its 2023 expectations… However, the short-term potential should be more limited . Therefore, we are removing the title from our Convictions list” concludes the analyst. Following this change, Portzamparc’s ‘Convictions’ list will be made up of: 2crsi, Alfen, CDA, Exail, GTT, ID Logistics, Infotel, Lisi and Valbiotis.