Stroeer rises on 'solid' Q3 beat

Stroeer SE & Co KGaA

09/11/2023 07:26

** Shares in Stroeer  SAXG.DE  rise 2.4% in early Frankfurt
trade after the German advertising company reported Q3 earnings
above expectations
    ** Quarterly revenue rose 11% to 483.6 million euros
($517.65 million) while adj. EBITDA was up 10% at 147.5 million
euros
    ** "Solid on first sight," a local trader says
    ** Both sales and adj. EBITDA beat consensus expectations by
3%, Societe Generale says, expecting a small rise in shares
today
    ** The group guides for double-digit organic growth in
year-end bookings, exceeding previous expectations, and expects
further growth at the start of 2024
    ** "Expected possibly small consensus upgrades to estimates
& confident outlook statement," SocGen says
    ** Stroeer is seen at the top of German mid-cap index
 .MDAXI 
    
($1 = 0.9342 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))