Report
Gregory Ramirez

ALTEN: A great year in store | BUY Top Picks | EUR195 vs. EUR185

ALTEN - BUY Top Picks | EUR195 vs. EUR185
A great year in store

FY21 operating margin benefited from minor tailwinds, FY22 outlook looks to be conservative
All industries are subject to strong demand for R&D and engineering services
New engineer staff targets for end 2024 are likely to be achieved
Underlying
Alten SA

Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Gregory Ramirez

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