Henrik Paganetty, an analyst from Jefferies, maintained the Hold rating on adesso AG. The associated price target remains the same with €95.00.
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Henrik Paganetty’s rating is based on a combination of factors, reflecting both positive and negative aspects of adesso AG’s recent performance. The company reported a notable increase in sales for the third quarter, surpassing expectations with a 13.4% year-over-year growth, which indicates strong demand for its digitalization services. However, the anticipated recovery in the public sector has not yet been realized, which could impact future growth prospects.
Despite the sales beat, the EBITDA figures were disappointing, missing estimates by approximately 6%. The EBITDA margin has also decreased compared to the previous year, partly due to high material expenses from incorporating external employees and partners. While the company remains on track to meet its 2025 guidance, the mixed results and ongoing challenges in the public sector recovery contribute to the Hold rating, suggesting that investors should maintain their current positions until more favorable conditions emerge.
In another report released on October 30, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a €95.00 price target.