Following the announcement of the Group's Q4 21023 results, Oddo BHF confirms its neutral recommendation on the value, with a price target unchanged at E 210.

Sales for Q4 2023 amounted to 5,616 million euros, down -0.2% cc. According to Oddo BHF, this figure is roughly in line with expectations (Oddo BHF forecast: E 5,599 million, down -0.5% y-o-y cc; vs: E 5,595 million down -0.6% y-o-y cc).

' Organic growth was -0.9%, decelerating from the previous quarter (vs. Q3 2023 +2.3% organic), this figure is 10bp above expectations (Oddo BHF: -1.0%; consensus: -1.3%)' says the analyst.

Operating profit 2023 stands at 2,991 ME, 0.8% above expectations (Oddo BHF forecast:2,970 ME; consensus: 2,967 ME).

' FCF stands at 1,963 ME, up 6% year-on-year, 10% above expectations (Oddo BHF: 1,791 ME; consensus: 1,784 ME)' stresses the analyst firm.

For fiscal 2024, Capgemini forecasts: - sales growth at cc of 0% to 3%, i.e. -1.1 pt below consensus expectations at (Oddo BHF: 0.9%).

' Forecasts for FY 2024 are more than a point below expectations, with a soft first half followed by an improvement in underlying trends in H2. This is offset by a stronger FCF for FY 2023 and a solid margin for FY 2024' adds Oddo BHF.

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