Esker shares fell back on Wednesday's trading on the Paris Bourse following a warning issued the previous day by the process automation specialist, which was greeted with mixed reviews by analysts.

The Lyon-based group announced last night that it had achieved its best-ever annual sales figures, with revenues approaching 180 million euros in 2023, representing growth of 14% at constant exchange rates (+12% on a reported basis).

Due to the acceleration in the pace of contract signatures linked to the reform of electronic invoicing in France, its acquisition costs have nevertheless been higher than expected, which will impact by between one and two points the operating margin initially expected for the full year 2023, which should finally be around 10%.

While this warning has not escaped the attention of analysts covering the stock, some prefer to focus on the good news arising from the publication.

At Stifel, for example, the fourth quarter and the "record" year in terms of order intake were highlighted, suggesting "excellent visibility" for the 2024 financial year.

While the share price has risen by almost 30% over the last three months, the broker still sees upside potential for the stock at current levels.

From the point of view of the Invest Securities teams, the forecasts communicated for 2024 - which were below expectations - are likely to disappoint.

Due to the economic slowdown, Esker indicated yesterday that it expected organic sales growth of between 12% and 14% this year.

Oddo BHF's analysts recognize that these estimates may appear 'conservative', but consider that they are designed to be exceeded, which leads them to reiterate their 'outperform' opinion on the stock, with an unchanged target of €180.

As a result, the share price showed only a limited decline of around 3% on the Paris Bourse on Wednesday.

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