During a conference, Spie's management reviewed its 2022 results and its outlook for 2023.

Oddo noted strong organic growth of 6.9% for the full year 2022, with an increase of 10.2% in the last quarter.

This trend shows an acceleration in momentum quarter after quarter (Q1 +3.3%; Q2 +4.9%: Q3 +8.5%; Q4 +10.2%)', the analyst points out.

For 2023, organic growth should be at 'mid single digit' levels, which is a good performance and in line with our own expectations (+4.9%)', says Oddo. Management also expects a further increase in EBITA margin.

Given its relatively low level of debt, the Group will continue to seize external growth opportunities.

Finally, our 2023 EBIT estimates have been revised upwards by 1.5%, and our EPS by 0.8% (impact of the number of shares). On the basis of a FCF yield of nearly 10%, the valuation remains relatively moderate. Spie is included in our European list of recommended Midcaps," adds the research firm.

Oddo confirms its Outperform opinion and its target of 32 E.

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