Stifel maintains its 'hold' rating on OVH Groupe shares, with an unchanged target price of 11 euros.
The analyst reports that OVH this morning published sales of €228 million for the 3rd quarter of its 2023 fiscal year, reporting organic growth of +13.2%, "in line with consensus" and Stifel's expectations.
FY23 guidance is also confirmed in terms of sales and EBITDA margin, but the Group is now targeting the low end of its CAPEX expenditure guidance, which Stifel sees as 'rather good news in terms of cash consumption'
The analyst also believes that ARPAC data suggests that OVH could gradually improve its margins by raising prices above the rate of inflation.
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OVH Groupe is the leading European cloud services provider, uniquely positioned to capitalize on the rapidly growing cloud market.
The Group provides business customers with a comprehensive suite of solutions designed to capture growing demand for multi-cloud and hybrid cloud strategies, while meeting the surging demand for data sovereignty and trusted cloud solutions.
OVH Groupe provides 1.6 million customers - composed largely of SMBs, large and tech enterprises, as well as the public sector - with a comprehensive suite of solutions in private, public and web cloud, leveraging its global network of 44 data centers, hosting over 500,000 servers across 4 continents.
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