Osmosun: buying dominates despite a 'complicated' half-year
(CercleFinance.com) - Osmosun shares rose sharply on the Paris Bourse on Wednesday, buoyed by a wave of buying after the stock had recently hit all-time lows, despite a business update that was deemed mixed.
The French company, which specializes in solar-powered desalination of seawater and brackish water, reported first-half sales of 1.5 million euros, up 15% year-on-year.
The company said it had sold four desalination units in the first half, bringing the total sold since its creation to 73, with a sales pipeline now worth 205 million euros.
In a research note, analysts at TP ICAP Midcap nonetheless described the company's situation as "complicated".
"While we were expecting sales to take off, the company posted growth of just 15% to 1.5 million euros", emphasized the brokerage firm, which has a "hold" recommendation and a target of 3.6 euros for the share.
The order book signed for the next 12 months, at 1.7 million euros, is down sharply compared with the company's most recent figures", adds the investment bank.
Following this business update, Osmosun's share price nonetheless climbed by over 15% on the Paris Bourse on Wednesday.
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