(Boursier.com) — XFAB fall of 16% to 7.50 euros this Friday, while during the 4th quarter of 2023, the group recorded a total turnover of 237.7 million dollars, up +29% compared to the 4th quarter 2022 and +2% compared to the 3rd quarter 2023, thus falling within the forecast range of $230 to $245 million. Excluding the negative impact of the fraction of turnover recognized as progress, i.e. -$2 million, the turnover would have been $239.8 million…
X-FAB’s 2023 annual revenues amounted to $906.8 million, up +23% compared to the 4th quarter of 2022, including $16.6 million in revenues recognized as of completion, in accordance with to IFRS 15. Annual revenue in X-FAB’s flagship markets totaled $812.6 million, up +31% compared to the 4th quarter of 2022. The latter represents 91% of total sales and compared to 84% in the previous year, this reflects the successful transition of X-FAB’s business to high-growth, high-value businesses in the automotive, industrial and medical end markets.
Adjustment in progress
Full year Ebitda was at the high end of the 23-27% forecast range and reached $245.6M with an Ebitda margin of 27.1%. This figure should be compared to an Ebitda margin of 18.2% in 2022. Excluding the turnover recognized as progressed according to IFRS 15, the Ebitda margin in 2023 would have been 26.7%.
Cash and cash equivalents at the end of the 4th quarter were $405.7 million, up +4% from the end of the previous quarter.
Among the latest broker opinions, BNP Paribas Exane remains ‘outperform’ on X-Fab, but with an adjusted target price which falls from 12 to 11 euros.
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