(Boursier.com) — Up 2.2% to 37.6 euros (in limited volumes), SQLI stands out the day after its half-year point. The digital services group generated a net profit of 2.6 ME over the first six months of the year against 2.8 ME a year earlier for a consolidated turnover of 124.5 ME, up 9 .4% in published data. At constant exchange rates and in the absence of a scope effect, invoicing was up by +8%. The current operating result is at 11.2 ME or 9% of turnover. It was 6.6 ME a year earlier…
This excellent publication shows that the levers activated for several years following a major restructuring are gradually bearing fruit, explains Oddo BHF. Operational aggregates gradually aligning with industry standards. Presented through the prism of recent capital movements (takeover bid by DBAY at 31 euros then purchase of a new block of 5.6% of the capital at 38.5 euros in June), the current valuation seems relatively balanced for the broker, with the net recovery in the accounts and the upward revision of its scenario, and the rise in rates and the fall in sector multiples. The profile has certainly improved, but the reduced liquidity and the lack of visibility on the fund’s short-term intentions are preventing the analyst from adopting a more aggressive rating at this stage. He thus adjusts his objective from 31 to 38.5 euros, ie on the price of the last block off the market which represents, according to him, a tangible valuation marker, and reiterates his ‘neutral’ opinion on the title.
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