In a report released today, Martin Comtesse from Jefferies maintained a Hold rating on adesso AG (0N5I – Research Report), with a price target of €85.00.
Martin Comtesse has given his Hold rating due to a combination of factors including adesso AG’s recent financial performance and future guidance. The company reported solid preliminary figures for FY 2024, with sales growing by approximately 14% year-over-year to around €1.3 billion, which aligns with both his and market consensus estimates. Additionally, the EBITDA for 2024 exceeded expectations, coming in at €98.3 million, which is roughly 5% higher than consensus estimates, showcasing an improvement in margin performance.
However, despite the positive results, the guidance for 2025 presents a more cautious outlook. Adesso AG’s projected sales for 2025 range from €1.35 billion to €1.45 billion, with an EBITDA forecast between €105 million to €125 million. This midpoint guidance reflects an EBITDA margin of 8.2%, which is slightly below market expectations of €120 million in EBITDA. The discrepancy between the company’s guidance and consensus estimates may contribute to the Hold rating, as it suggests limited upside potential relative to market forecasts.
According to TipRanks, Comtesse is an analyst with an average return of -0.8% and a 43.86% success rate.