(News Bulletin 247) – Stifel reiterates its ‘buy’ recommendation on SII with a price target raised from 60 to 64 euros, having updated its model after the publication of the annual accounts and growth prospects of SII Poland (68% group results).
‘Outside Poland, the activity behaves rather well, with a particularly good performance on the part of the flexshore offer’, judges the broker, adding that the margins should gradually despite a dismal macroeconomic context.
Over the next three years, Stifel thus anticipates average annual EPS growth rates of 25% for SII France & Others and 10% for SII Poland, two entities to which it applies PE valuation ratios of respectively 15 and 20 times .
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