FY beat, share buyback, new CEO and targets boost OVHcloud shares

GoDaddy

24/10/2024 08:32

** Shares in cloud provider OVHcloud  OVH.PA  jump 14%,
boosted by FY earnings beat, 350 million euro share buyback, and
new mid-term targets
    ** The French company's FY adj. EBITDA comes in at 381.5
million euros ($411.1 million) on revenues of 993 million euros
    ** Mid-term, it expects about 10% growth, with adj. EBITDA
margins structurally above 40%
    ** J.P. Morgan applauds a beat on headline metrics, a
significant buy-back, and the appointment of a new CEO, Benjamin
Revcolevschi, "to lead the next phase of development at OVHcloud
with new mid-term targets", which imply EBITDA upgrades
    ** OVH's results present a positive read to the cloud
ecosystem as well as the web hosting and domain market, relevant
for GoDaddy  GDDY.N  and IONOS  IOSn.DE , JPM adds
    ** OVH share price is close to fully recovering losses
incurred in April, when it cut its 2024 targets
    
($1 = 0.9280 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))