Memscap: results in line with expectations, share price rises
March 28, 2024 at 07:38 am EDT
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Last night, Memscap delivered annual results in line with expectations and with an optimistic outlook, a publication which was rather well received by the stock market on Thursday.
The manufacturer of high-precision pressure sensors for the aerospace and medical markets announced that its sales had reached 14.1 million euros last year, compared with 9.3 million in 2022, representing growth of 50.7% over the year.
Operating profit from continuing operations was 2.5 million euros, or 17.6% of sales, compared with just 236,000 euros in 2022.
Net profit after tax from continuing operations was 2.1 million euros for the year, compared with 151,000 euros in 2022.000 euros in 2022.
With regard to its outlook, the Group states that its performance in 2023 confirms the ambitions of its '4C' strategic plan to 2026.
Euroland's analysts commented: "While the share price experienced a strong rerating in 2023 following its recovery (+185% over 12 months), we believe that the stock should continue to perform well, given its solid fundamentals, continuing buoyant markets and excellent business visibility thanks to its long-term contracts.
The brokerage firm has raised its target price to 10.5 euros, up from 8.1 euros previously, with a Buy recommendation.
Shortly before 12:30 pm, the share price was up by more than 1%
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Memscap is the leader in designing, manufacturing and marketing components, modules, systems and solutions based on micro electro-mechanical systems (MEMS). MEMS combine semiconductor micro-electronics with micro-manufacturing technology to make entire systems contained on one chip. The group organizes its activity around 3 core sectors:
- standard products: integrating the design and manufacture of sensors and multifunctional measurement systems for the areas of medicine, biomedicine, aerospace industry and defense;
- customized products: including the design and manufacture of MEMS components, the intellectual property licenses granting and customers cooperation projects for the custom-made development and production;
- dermo-cosmetic pole: integrating the operations and management of the group's assets related to the areas of dermatology and cosmetology, including the Ioma brand.
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