UBS reiterates its Buy recommendation on Spie shares, with an unchanged target price of E31, following the announcement of the company's annual results. The analyst highlights double-digit organic growth in Q4.

' Q4'22 adjusted EBITA beat consensus by +4.6%, with year-on-year organic growth of >10%. The outlook for FY23 is also encouraging' says UBS.

For FY2023, Spie said it was targeting 'mid-single-digit' organic growth, i.e. around 5%, with further improvement in its EBITA margin.

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