Refile: BUZZ-Stifel cuts Prodware to 'hold', reduces sales forecasts for 2022-2023
18/02/2022 14:02
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** Stifel downgrades French Prodware ALPRO.PA to "hold"
from "buy", and cuts its sales expectations for 2022 and 2023,
taking into account impeded growth
** The brokerage says Prodware's Q4 and full-year revenues
were slightly below expectations, due to dropping in
Software-as-a-Service growth and UK activity
** "We have modestly lowered our sales forecast for 2022 and
2023 to take into account the slowdown in growth," it says,
expecting revenues 2022 down at 2.1%
** Stifel estimates a decrease of 43 million and 1 million
euros in EBIT for 2021 and 2022 respectively, referring to
Prodware's takeover bid note on assets impairment for both years
** It suggests to stay alert on recurring and profitable
revenues by capitalising on the maturity of Prodware's high
value-added product and service offerings
(Reporting by Dina Kartit)
((dina.kartit@thomsonreuters.com))