Publication of 2021 turnover
Continuing on a solid commercial momentum, Precia Molen ended its 2021 financial year with a bang, posting excellent annual growth of 10.9% to €150.7 million. While the scope effect (Creative IT) plays a 1.4 point role in this performance, organic growth remains robust over the year with a contribution of 9.4%.
After publishing Q3 revenue up 4.7% to €36.2 million, Q4 revenue grew by 8.8% to €42.2 million. Organic growth was 6.1%, reflecting both the dynamic in France and internationally (Poland, India, China).
Perspectives
With an order book up 33.2% at the end of 2021, the Group is confident for its 2022 year, despite the economic and geopolitical context. In this respect and given the current context of supply tensions, we are reviewing our expectations. For 2021, we are still expecting an MOC of around 9.3% and for 2022e, sales of €159m (growth of 5.5%) and an MOC of 9.4% (stability).
Recommendation
Following this publication and the update of our model, our target price stands at €40.00 and our recommendation remains Buy.