Comparison MYG vs SKS, page-3

Today, SKS published its FY 24 results.
It had a strong revenue growth (+ 110 % yoy during H2 24) and improved its EBITDA margin during H2 (7.2 % vs 5.6 % during H1 24).

We can't really compare SKS and MYG top line growth, given that SKS has a much larger exposure to data centers than MYG*.
Anyway, interesting to note that SKS disclosed that its revenues, excluding data centers, increased by 26.5 % in FY 24.

Other useful information in SKS presentation : historical link between its work on hand at the beginning of the fiscal year and the revenue during a fiscal year.
During the last 3 years, revenues was on average 39 % of the work in hand at the beginning of the period.

Reminder : MYG had 30 m$ of work on hand at Oct 23, which has grown to 80 m$+ in May 24 (vs 96 m$ for SKS at 1/7/24).
MYG had 78 m$ of revenues in FY 23 (and a revenue decrease during H1 24).
Based on these elements, it is difficult to think that MYG will not have an increase of its revenues, probably during H2 24 and also in FY 25, when we compare with SKS.

* MYG has not disclosed its data center exposure, just the fact that it is also working with Next DC.