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Altran Technologies: H1 2018 analysts' meeting feedback: light after the storm?
Altran Technologies: (BUY-TOP PICKS, Fair Value EUR17 (+100%))H1 2018 analysts' meeting feedback: light after the storm?
We reiterate our Buy rating following the analysts’ meeting held yesterday. We have adopted a more cautious stance on net debt given the negative EUR225m free cash flow reported for H1, but our assumptions remain in line with the debt leverage set up Altran for 2020 (below 2.5x EBITDA). Growth is poised to gradually accelerate, while profitability improvement and the integration of Aricent are on track. While the share price fell 8% yesterday, re-rating looks finally under way.
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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.
Gregory Ramirez
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