BofA starts coverage on Planisware at 'buy', expects earnings growth

Planisware SA

29/05/2024 13:13

** Bank of America starts coverage of French cloud company
Planisware  PLNW.PA  with a "buy" rating, flagging its
attractive value after the IPO and expected earnings growth 
        ** "We think PLNW stands out for its long track record.
Its largely blue-chip customer base is loyal," BofA says
        ** It forecasts an 18% sales compound annual growth rate
(CAGR) for 2023-27 and margins expanding, driving EBITDA growth
of 21%, on the same basis and for the same period 
  
        ** Planisware's share price has risen by more than 50%
since its 
    market debut
    , outperforming the wider sector, which is up about 7% on
average, the broker says, adding its price is nonetheless
"attractive"
  
    ** It adds that the industry in which it operates is also
expected to grow as it attracts customers 
        ** On Tuesday, Citi and Berenberg also started coverage
at "buy"
    ** BofA sets a price target of 30 euros ($32.54), 23% above
its current share price of about 24.4 euros; Planisware is up
1.6% as of 1106 GMT

($1 = 0.9219 euros)

 (Reporting by Olivier Sorgho and Gianluca Lo Nostro)
 ((Olivier.Sorgho@thomsonreuters.com))