SII : Stifel raises its target price
"Outside Poland, business is doing rather well, with a particularly good performance from the flexshore offering", the broker judges, adding that margins should gradually improve despite a gloomy macroeconomic context.
Over the next three years, Stifel anticipates average annual EPS growth rates of 25% for SII France & Others and 10% for SII Poland, two groups on which it applies PE valuation ratios of 15 and 20 times respectively.
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