(Boursier.com) — Wavestone loses 1% to 60 euros this Monday, while the file leaves the “Convictions” list of Portzamparc after having outperformed in recent weeks on the stock market… The consulting firm recorded a consolidated turnover of 175.6 ME in the 3rd quarter, up 26%. At constant exchange rates and scope, activity grew by +10%. Wavestone confirmed its objective of achieving organic growth in 2023-2024 at least equal to that of the previous year, i.e. +7%. Portzamparc nevertheless remains a buy on the file, targeting a price of 71.90 euros.
Management’s comments suggest that Wavestone continues to navigate (very) well in a complex market context, while trying to ensure some embedded growth for 2024/25, Oddo BHF estimated (‘outperform’). In addition, the broker underlined that the recent performance of the stock had consumed part of the upside, and could be accompanied by phases of breathing/reflow in the very short term, it has chosen to maintain a fundamentally positive opinion on Wavestone. . The current valuation premium does not seem disproportionate compared to the sector (which has itself revalued), or the historical range (8x-15x EBIT fwd), while the medium/long term prospects of the new group remain very attractive and not yet fully factored into the market at this stage…
©2024 Boursier.com