(News Bulletin 247) – The analyst believes that this publication for the 1st quarter of 2023 and the presentation that followed were more cautious.
‘We had raised our estimates at the annual publication, this time we are maintaining them with generally reiterated guidance and a H2 2023 announced ‘weaker’ in growth and margins than H1 23, and the maintenance of the 2025 guidance ‘indicates Invest Securities .
“The operating margin should improve in 2023 and even more in 2024 with the Varroc leverage. The FCF is confirmed positive at more than 260mE in 2023′ adds the analysis office.
Invest Securities revises its price target to 23.2E (against 24.3E) and confirms its buy opinion.
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