(Tiper Stock Exchange) – Intesa Sanpaolo has lowered the target price (to 12.8 euros per share of 13 euros) and confirmed the recommendation (Buy) on the title Openjobmetisan employment agency listed on Euronext STAR Milan, after the publication of the results for the first half of 2023 and taking into account the cancellation of 342,800 treasury shares completed in May.
Analysts write that the results for the first half of 2023 showed a pause in Openjobmetis’ revenue growth path in a flat market context, despite the still solid growth recorded in some niche market segments (Family Care and Seltis Hub). The progressive improvement in the contribution margin allowed management to confirm the 2023 EBITDA margin target of 4% (compared to 3.7% in the first half).
Given management’s indications for flat market growth over the year, combined with the weaker-than-expected revenue performance in the first half, Intesa Sanpaolo has slightly revised 2023-24 revenue estimates, respectively by -3.8% and -3.3%. EBITDA margin assumption unchanged at 4%, in line with company guidance, while noting that it would require tighter cost management performance in the second half.