OVHcloud has announced Q1 sales (September-November 2022) of €216 million.
' A level very slightly ahead of expectations (Oddo/consensus = 211/213 ME) and highlighting organic growth of 12% (Oddo/consensus = +10/13%) in line with the last 2 financial years (+12% in FY 22 and +12% in FY 21) ' says the analyst firm.
' Guidance for FY 23 remains unchanged, both for sales (+14/16% organic vs Oddo/consensus = +15/14%), adjusted EBITDA margin (stable at 39% vs Oddo/consensus = 39%) and Capex (16/20% of sales for maintenance and 28-32% of sales for growth) ' adds Oddo.
Oddo is cautious on the value (unfair competition from hyperscalers and heavy Capex) with a target of 11.5 E and a recommendation to Underperform.
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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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