(Boursier.com) — SES Imagotag fell 4.4% to 92 euros this Friday, while third quarter turnover stood at 182.5 ME, i.e. stable activity compared to the record turnover of Q3 2022. Taking into account of the deployment schedule, and as already mentioned, the turnover expected in the second half of the year is more concentrated in the 4th quarter. However, this is the Group’s best 3rd quarter historically…
Over the first 9 months of 2023, turnover stood at €563.2 million, up +20% compared to the previous year.
The global economic situation remains particularly difficult for trade, due to high inflation, falling consumption volumes and margins under strong pressure.
Despite this context, order intake over 9 months amounted to €710 million, representing growth of +30% year-on-year because investments in store digitalization are always strategic for retailers.
On the right track
The group is on track to meet its turnover target of 800 ME, driven by strong growth in activity in the 4th quarter of 2023, expected turnover of around 240 ME, growth of more than 50% year-on-year. . Order intake should also remain dynamic over the period. The group also expects a further increase in its profitability in the second half.
For the year 2024, SES Imagotag anticipates continued strong growth due, in particular, to the acceleration of its activity in the United States… “Despite a ‘flat’ T3, SESL confidently reiterates the 2023 objective of a turnover of 800 ME and still expects a continued improvement in its profitability in H2 (in connection with the continued improvement in industrial cost prices) indicating that it is “comfortable” with the ambition of reach 100 ME in EBITDA (margin 12.5%) over the financial year” comments Portzamparc who specifies: “If we slightly lower our ‘top line’ expectations from 810 ME to 804 ME, we raise our EBITDA estimates from 94 .7 ME (margin 11.7%) to 98 ME (margin 12.2%) with an impact of +6.4% on our EPS”… Verdict: “Our opinion ‘Buy’ and our objective at 187, 5 euros are reiterated” concludes the analyst.
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