(News Bulletin 247) – Spie’s management returned to a conference on its 2022 results and its outlook for 2023.
Oddo recorded strong organic growth of 6.9% over the whole of 2022 with an increase over the last quarter of 10.2%.
‘This evolution thus shows an acceleration of the dynamic quarter after quarter (Q1 +3.3%; Q2 +4.9%: Q3 +8.5%; Q4 +10.2%)’ indicates the analyst.
‘For 2023, organic growth should be at ‘mid single digit’ levels, which is a good performance and consistent with our own expectations (+4.9%)’ believes Oddo. ‘The management also indicates to expect a further appreciation of the EBITA margin’.
Given its relatively low debt, the group will continue to seize external growth opportunities.
‘ In the end, our 2023 EBIT estimates have been revised upwards by 1.5% and our EPS by 0.8% (impact of the number of shares). Based on an FCF yield of almost 10%, the valuation remains relatively moderate. Spie is included in our European list of recommended values ​​Midcaps ‘adds the analysis office.
Oddo confirms its Outperformance opinion and its target of 32 E.
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