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ESI Group: Invest Securities downgrades stock

( - The analyst believes that while the strong recovery in profitability is an important first step, the virtual prototyping software group is now expected to grow - on this point, effects are proving slow to materialise.

Even though we consider the group's strategy relevant and sensible, the new guidance unveiled yesterday, which includes asset disposals and the discontinuation of certain activities, reflects growth that will remain weak in 2022-23, given the market situation, before accelerating in 2024-25, analysts say.

With estimates significantly lowered (-25% to -30% for 2022-24e EPS), analysts have reduced their target price to 58 euros (from 65 euros).

The analyst believes that potential speculative interest is not enough in the face of this weak momentum, especially as the stock has admirably outperformed in 2022 (+26pts).

Invest Securities therefore downgrades its rating on the stock to Sell (from Neutral).

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