(BFM Stock Exchange) – The consulting firm specializing in the transformation of companies announces an increase in its order book during a third quarter marked by an activity in accordance with expectations.

Wavestone’s latest delivery convinces the markets. The consulting firm specializing in the transformation of companies increased by 5.2%, after its point of activity for the third quarter.

Wavestone follows the steps in Alten whose publication had also received a warm welcome on the stock market. The engineering and technology consulting group had unveiled an activity at the end of the year higher than expectations, despite its exhibition at a automotive sector at half mast.

For Wavestone, the end of the year was in line with expectations. Between September and the end of December (which corresponds to the third quarter for the company, whose offbeat exercise ends at the end of March), Wavestone unveiled a turnover of 240 million euros, up 37% in data published under the effect of the two acquisitions of the German group Q_perior and the aspiring American.

An increase in the order book

In organic data (excluding exchange and perimeter effects), Wavestone’s revenues contract by 1%, “in accordance with the trend given last December”, recalls TP ICAP Midcap. The design office refers to the market context mentioned by the group which is marked by a weakness of the request in advice, with customers who remain wait -and -see in the launch of new projects.

“The sectors of the bank, the industry – in particular the automotive industry, the retail (trade, editor’s note), and, in France, the public sector, have been under pressure. Since the summer, luxury has known in turn A slowdown in the request for advice, “said Wavestone in December.

On the other hand, this publication conceals a positive element, which concerns the order book. This one offers visibility of 4.5 months on December 31, 2024 (integrating Q_Perior and aspiring consulting), against 3.7 months to September 30, 2024. This progression of the order book is “sign that taking orders in the third quarter were good and that the commercial effort pays “, appreciates Jean-Pierre Tabart, the analyst of TP ICAP Midcap.

For the end of the exercise ended in March 2025, Wavestone reminds of lacking visibility, which could lead to an activity slowed down at the start of the calendar year 2025. “This situation is the result of the usual latency of principals in The implementation of projects at the beginning of the year, accentuated by a cautious approach in the launch of new investments on 2025 “, advances the group, which is still reporting” a pressure on prices that increases “.

“The beginning of 2025 takes place as planned in a constrained investment context and the group did not see any sign of recovery at present – in any case in Europe (France and Germany generating fairly comparable performance). Better dynamics are observed in the United States but the area represents only about 9% of the group’s estimated turnover, “said TP ICAP Midcap.

Confirmed annual objectives

Wavestone also confirms the annual objectives as revised in early December. The company then justified this adjustment by degradation of market conditions.

The group specializing in council always tables on a stability of its turnover at 944 million euros and on a recurring operating margin at 12.5%. These objectives agree at constant exchange rates and excluding new acquisition.

Always on purchase on the file, TP ICAP Midcap reports at this stage that the objective of a return to a margin of 15% is not called into question, but this target could be offset compared to the ‘initial objective set for March 31, 2027.

For its part, Stifel expects the next Wavestone publications to be “negative”, the group being likely to display a new organic decrease in its sales in the fourth quarter followed by a slight erosion of its benefit of operation when the annual results are announced.

In this context, it is therefore still premature to position yourself on the Wavestone action, estimates the design office which remains to be preserved on the file.