"Growth and recession do not have to be opposites. At least not in the world of the IT service provider adesso. [...] Already in the past years, the company had to accept burdens on earnings during growth spurts. And that seems to be the case in this section of the company as well. Recommendation: buy, price target: € 140.00, stop: € 82.00."
"adesso (cf. among others 09/20: price 59.60, current 107.40; +80%) is one of the classic long-term investments; (B+)."
"Demand for IT services remains high. [...] Meanwhile, the 2023 forecast (revenue: >1 billion euros; EBITDA: 100 to 110 million euros) was confirmed. In terms of sales, the company is also well on track after the first half of the year [...] for this. [...] adesso is going on the watch list."
"The adesso share, which has always been highly valued, has repeatedly offered buying opportunities in the meantime [...] There should be no doubt about the urgently needed digitisation in Europe and the associated growth [...]. [...] Therefore, we also assume that the share will be quoted significantly higher again in a year's time [...]."
[...] adesso was again able to significantly increase sales in the first quarter. However, the profitability of the IT service provider was unable to keep pace with the dynamic growth in the first quarter. [...] If the IT service provider actually succeeds in making up for the weak Q1 in the course of the year, the share price should be significantly higher again at the end of the year. [...] Target: €180.00, stop: €90.00.
[...] Thanks to the ongoing trend towards digitalisation, the IT service provider managed to achieve a leap in sales. [...] Even if it jolted somewhat in the past quarter, adesso [...] remains stored in the portfolio for the long term.
[...] For the next nine months, the management board expects a normalising sickness rate as well as better capacity utilisation. [...] This should have a positive impact on the profitability of our sample portfolio stock. adesso remains a buy. Stop: € 106.50.
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