Q: Hi Would appreciate comments on Topicus earnings. Is the stock priced well for adding at this level, in view of the results ? Thank You
5i Research Answer:
Revenue rose 17%, with organic growth strong at 7%. Net income increased to E42.5M from E28.7M. Per share E0.31 vs E0.21. Cash flow increased to E62.4M from E48.1M. Free cash flow rose 54%. As usual, commentary was light. Acquisition activity was fairly low in the quarter, at only E18.6M. Q4 revenue growth of 17% was a slightly deceleration for 2023 as whole (23%). We would consider the stock expensive on valuation, but worth a premium, and we would be comfortable at current levels on these results.