OVH (AO) | Hold | Acceleration finally lands, a clean Q3 beat on the top line

研报英文原文证据摘录

OVH (AO) | Hold | Acceleration finally lands, a clean Q3 beat on the top line

OVH Hold | Target Price: EUR9.50

Guidance reiterated in full, unchanged, in line with the street that shoots for +6% FY26

Management confirms all FY26 targets: organic growth 5–7% LFL, adjusted EBITDA margin above FY25 (>40.4%), adjusted capex

33–35% of revenue (notably "excluding locked-in stock for FY27 covered by dedicated financing", i.e. the front-loaded hardware

sits outside the range, consistent with our preview framing), and positive levered FCF.

No guidance change. At 9M, group LFL stands at +6.0%, squarely mid-range, so with easier H2 comps and fuller price pass-

through, the full-year target looks comfortably within reach, with upside skew to the top of the range if Public Cloud momentum

persists.

The sovereign catalyst finally has a number

OVH (via the DEEP/Clever Cloud consortium) was selected by the European Commission to provide a sovereign cloud for EU

institutions, a contract capped at EUR180m over six years (up to c.EUR30m/year gross, shared across three providers). It is

modest in P&L terms and confirms our thesis that sovereign contracts are structurally shared, but it is the first concrete validation

of the sovereignty narrative the market has been paying up for. AI Lab also expands with the Gladia (voice AI) acquisition and an

OVHai Workspace preview, optionality, not yet revenue.

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Hold reiterated; thesis vindicated operationally, but valuation still rich

This is the best top-line print in over a year and a genuine validation of the Klaba reset, Public Cloud above 20%, Private Cloud