In May, Amplegest PME achieved a performance comparable to that of its benchmark index (–0.37% vs. –0.59%).
The Q1 2023 earnings season brought some remarkable performances.
ATEME enjoyed very strong revenue growth (+34%), after an uneven 2022. While shares have rebounded, the share price is still very far from its highs. We believe the devaluation of recent months is unjustified in light of the transitions under way (i.e. change to SaaS, which will provide greater recurrence). Software companies SIDETRADE, EXCLUSIVE NETWORK and EQUASENS also announced double-digit, accelerating revenue growth.
In services, WAVESTONE, REPLY and INFOTEL published double-digit organic growth with solid outlooks for 2023. AI growth is clearly an important opportunity for digital services companies. Its rapid adoption can already be seen in new, large contracts. In addition, FREELANCE’s publication of excellent quarterly results reassured investors after a much more prudent message at the beginning of the year. Finally, BILENDI achieved solid growth despite a difficult base effect and uneven performances by competitors (IPSOS, CINT).
In industry, PRECIA returned to growth after a Q4 slowed by lags between orders. By contrast, OENEO saw a decline in activity, though it was expected as a result of advance orders in Q4.
The only major disappointment was CHARGEURS, with significant negative growth in Q1. We knew that it would be difficult to maintain momentum up to the second half of the year. For this reason we have kept the weighting low (1% of AUM).

While the market may be worried about recession, the first quarter brought no sign of such a scenario. Moreover, we think that Q1 results will provide a little breathing room, since from the second half onwards the base effects will be much easier to manage. In this regard we find that corporate targets are still on the conservative side