The activity seems to be stabilising, with both the churn rate and the share of subscriptions up.
The profit level boosted by cost-cutting is up and the FCF enables a reduction in net debt.
The outlook is not too demanding and the group should “easily” reach its FY 22 targets.
Probably no big change to our numbers after the release.
The stock remains a bet on the resumption of growth, now that the financial restructuring is behind us.
23 Feb 2022
A decent FY21, more patience needed
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A decent FY21, more patience needed
- Published:
23 Feb 2022 -
Author:
Fabrice Farigoule -
Pages:
3
The activity seems to be stabilising, with both the churn rate and the share of subscriptions up.
The profit level boosted by cost-cutting is up and the FCF enables a reduction in net debt.
The outlook is not too demanding and the group should “easily” reach its FY 22 targets.
Probably no big change to our numbers after the release.
The stock remains a bet on the resumption of growth, now that the financial restructuring is behind us.