Memscap announced on Wednesday that it would return to net profit in its 2022 financial year, thanks in particular to the dynamism of its aeronautical activities, which remain the group's leading market.
After taking into account discontinued operations, i.e. its US division, the manufacturer of high-precision sensors posted a net profit of 1.05 million euros for the year just ended, compared with a net loss of 328,000 euros in 2021.000 euros in 2021.
The Group reports an operating profit from continuing operations of 236,000 euros, compared with a profit of 580,000 euros in 2021.
Sales rose by 9.4% to 9.3 million euros, including a 24.9% increase in aerospace sales to 6.7 million.
With 72% of consolidated sales - up from 63% in 2021 - this area of activity remains more than ever the Group's leading market segment.
Turning to its outlook, Memscap reiterated its expectation of an average annual growth rate of around 20% between 2022 and 2026, an objective which should, in its view, 'clearly manifest itself' from fiscal 2023 onwards.
Following this publication, the share gained 1.8% on Wednesday morning on the Paris Bourse.
'At the current price, Memscap is paying 9.0x ROC 2023e vs. 12.0x on average for its comparables', EuroLand analysts pointed out yesterday.
'Such a discount is not justified for this player, which should combine sustained organic growth with high profitability', the brokerage firm believes.
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Memscap is the leader in designing, manufacturing and marketing components, modules, systems and solutions based on micro electro-mechanical systems (MEMS). MEMS combine semiconductor micro-electronics with micro-manufacturing technology to make entire systems contained on one chip. The group organizes its activity around 3 core sectors:
- standard products: integrating the design and manufacture of sensors and multifunctional measurement systems for the areas of medicine, biomedicine, aerospace industry and defense;
- customized products: including the design and manufacture of MEMS components, the intellectual property licenses granting and customers cooperation projects for the custom-made development and production;
- dermo-cosmetic pole: integrating the operations and management of the group's assets related to the areas of dermatology and cosmetology, including the Ioma brand.
MEMSCAP 
