Stifel is reiterating its 'buy' recommendation on SII, with a target price raised from €60 to €64, having updated its model following the publication of the annual accounts and growth prospects for SII Poland (68% of the Group's earnings).

"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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