Oddo BHF maintains its 'outperform' rating on Assystem shares, with a target price raised slightly from €60 to €62.

Assystem reported 2023 results slightly above ROA, but in line overall on the bottom-line (excluding one-offs).

After posting sales of €577.5m, up by a strong 17% y-o-y including +14.6% org, adjusted EBIT came out at €37.4m, 4% above Oddo BHF's forecast (€35.9m).

Assystem gives positive initial indications for FY 2024, targeting consolidated sales of around €620m and ROA of around 7%.
'Overall, this is a positive publication from Assystem', believes the analyst.

The 2023 results are very satisfactory (even if a few points remain to be clarified, notably concerning Expleo), the post-sale redistribution of Framatome is significant, and the outlook for 2024 is reassuring", concludes the broker.


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