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  5. TOI: your thoughts please on the quarter? [ Inc.]
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Q: your thoughts please on the quarter? Thx
Asked by blake on August 04, 2023
5i Research Answer:

TOI continues to show consistency in the company’s acquisition playbook. In the 2Q, TOI’s revenue grew 23% to €272M, compared to last year of €220M, and free cash flow per share improved from - €0.34 to - €0.16, given that this is historically a cash flow negative quarter, the result was driven by strong organic growth of 6%. Also, among the CSU group of companies, TOI possesses the highest organic revenue growth rate. The balance sheet is strong, with net debt of only €92M. As usual, the company continues to redeploy the majority of its cash flow into acquisitions. Overall, a solid quarter, and we think TOI remains one of the best well-managed serial acquirers that continue to compound shareholder capital at a high rate.