(AOF) – GL Events is on the podium of the largest increases in the SRD Thursday, with a jump of 8.3% to 17.18 euros, the day after an encouraging quarterly activity point. Indeed, the gradual recovery is confirmed for the event specialist, which published a turnover in the third quarter of 228 million euros. This represents a doubling of activity compared to the second quarter of 2021 and an increase of 126.9% over one year. And this despite the constraints that still weigh on South America and on international operations in all areas.
Over 9 months, turnover thus reached 437.8 million euros, up 19.2% compared to last year, even if this remains almost half the level before the crisis (- 48.5%).
Business is showing growth in Asia, driven by China, Olympic Games operations in Japan, and also in France where administrative restrictions have been eased.
The Live (254 million euros) and Exhibitions (105 million euros) divisions exceeded their 2020 activity levels over 9 months by 13% and 76.4% respectively. The Venues division (78.9 million euros), on the other hand, remained down 5.1%, penalized in particular by the closure of sites in South America and the absence of face-to-face international conferences.
While activity should continue to grow in the last quarter compared to previous ones, the event specialist confirmed its 2021 turnover targets of close to 700 million euros and positive annual net income Group share.
GL Events will be able to count on a large number of “Jumbo Events” in the fourth quarter, specifies LCM Midcap, with for example the holding of the Dubai World Expo, the COP 26 and the continuation of the resumption at regional / national exhibitions in Europe.
LCM also considers this publication in line with its estimates but continues to estimate that at this stage, the recovery is already well valued by the market and therefore maintains its Keep option on the share. On the other hand, the analyst raised his price target from 14 to 16 euros “given a drop in the specific risk premium linked to the improvement of the health environment”.
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