Wavestone rises on profit beat, strong net cash

Wavestone SA

04/06/2024 09:08

** Shares in Wavestone  WAVE.PA  rise 3.8% after the French
IT consulting firm reported FY results that showed stronger than
expected operating earnings on Monday
    ** FY current operating income of 101.3 million euros
($110.3 million) beats consensus forecast of 96 million euros
despite challenging market conditions, Midcap analyst
Jean-Pierre Tabart says
    ** Wavestone also doubles its annual cash generation to 83
million euros, vs 41 million euros a year earlier
    ** Portzamparc analyst Maxence Dhoury says the biggest
surprise is the net cash of 19 million euros vs net debt of 45
million euros expected by the broker 
    ** "Half the difference can be explained by good control of
working capital and half by a lower net cash outflow for the
acquisition of Q_PERIOR," Dhoury says
    ** The shares are on track for their best day since May 2 if
gains hold
    
($1 = 0.9188 euros)

 (Writing by Alban Kacher)
 ((alban.kacher@thomsonreuters.com))