The market is not satisfied, however, as SeSa, like many other European small and mid caps, remains shunned by investors and, given its size and limited free float, is structurally sidelined from major index flows.
Still valued at less than half its revenue, investors also fault it for profitability shortcomings: the group's operating margin is indeed half the sector average, while the growth pace has slowed despite a record amount invested in acquisitions.
SeSa's financial position has also deteriorated significantly, as this external growth strategy puts the company back into net debt - a first in nearly fifteen years. This also contrasts with other consulting players that are self-financed and capitalized very conservatively.
It is therefore up to SeSa to prove that it can integrate its acquisitions and deliver genuine value creation through its external growth strategy, so as not to fall, for example, into a pitfall similar to Capgemini's. See on this subject Capgemini disappoints MarketScreener analysts.
Judging by its shareholding, there is reason to believe the Italian company will not lose sight of its priorities: the concert party of founding executives, backed by investment firm Tamburi Partners, still controls more than half of the capital and voting rights.
See also Discount remains persistent at Tamburi Investment Partners.
