Wavestone: Oddo raises target price after FY results

(CercleFinance.com) - This morning Oddo welcomes Wavestone's FY results, which came in above expectations yesterday evening.


The analyst monitoring the share has therefore significantly raised his corresponding target price from 158 euros to 180 euros.

On sales (already published) that are up 6% (purely organic) to 359.9 million euros, underlying EBITDA is up 31% at 50.6 million euros, while were expecting 48 million euros. As a result, the group's operating margin unsurprisingly works out at 14.1%, the broker points out.

Following this publication, which clearly highlights the pertinence of the merger between Solucom and Kurt Salmon, we have raised our target price for the share to 180 euros (reduction in risk premium + integration of Xceed). We therefore maintain our Buy rating on the stock.


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