While maintaining its 'hold' recommendation, Stifel has lowered its target price for Freelance.com from six to 4.9 euros, following the announcement of second-quarter sales 7% below the broker's forecast.
Difficulties persist on the international front, while the slowdown in France proved more significant than expected, accounting for the bulk of this gap", according to Stifel, which has reduced its expectations for 2023 by 3.6% on sales and 9.4% on EPS.
The risk/return ratio remains unattractive, given the uncertainties surrounding the performance of international activities and the impact of the recently announced acquisition on activities in France", adds the broker.
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Freelance.com specializes in providing intellectual services to large businesses, small and medium-sized businesses, and independent entrepreneurs. Net sales break down by activity as follows:
- free-lance service (52.6%): services provided in the fields of computers (information system development and implementation, network architecture configuration, integration of ERP solutions, Internet technology design and implementation), consulting, marketing, communication and formation via almost 4,500 independent consultants and more network. Moreover, Freelance.com develops operates an automated marketplace intended to connect computer service providers (computer service companies, consulting firms, etc.) with each other in order to optimize the management of their contracts with each other;
- salary contracting (47%): the group offers independent workers the possibility of obtaining employee status, taking complete charge of their administrative, tax, legal, and corporate affairs;
- other (0.4%).
FREELANCE.COM 
