ALTEN: Excellent FY21 results, outlook basically unchanged for FY22 | BUY Top Picks | EUR185
ALTEN - BUY Top Picks | EUR185Excellent FY21 results, outlook basically unchanged for FY22
Operating margin was 0.5ppt above our forecast
Free cash flow was, as expected, burdened by a WCR surge linked to strong activity
Outlook for 2022 is basically unchanged
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).
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.
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