(Boursier.com) — Sidetrade drops 1.3% to 147 euros the day after the presentation of its interim results. In a context of sustained growth in activity and investments, the group is delivering good results with, as announced, maintaining a double-digit EBIT margin, explains TP ICAP Midcap. After a historic level of order intake in the first half, the outlook for the second half of the year remains very favorable. The group should therefore maintain a high level of order intake, allowing it to move to 2024 with excellent visibility. The analyst therefore remains ‘purchase’ on the stock, targeting 195 euros.
For Oddo BHF, these half-year results are satisfactory and demonstrate that Sidetrade has the capacity to maintain a good balance on its growth/profitability couple, despite an offensive strategy of market share gains, particularly in North America. The stock therefore still presents, according to the broker, an attractive and low-risk profile, with an economic model (combining 2-digit growth, visibility, recurrence and profitability) which justifies a high valuation in absolute terms (although still discounted in relative terms compared to to direct peers). The analyst therefore reiterates his ‘outperformance’ opinion and his target of 188 euros on the stock, given a significant upside potential (and regular / compounder status) and an obvious speculative appeal.
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