Altran Technologies: Feedback from Capital Markets Day: a red carpet on the High Road? (
Altran Technologies: (BUY, Fair Value EUR17 (+32%))Feedback from Capital Markets Day: a red carpet on the High Road?
We reiterate our Buy recommendation and our DCF-derived Fair Value of EUR17 following the Capital Markets Day held yesterday in London. We reduce our adj. EPS estimates by 3% for 2019 and 5% for 2020 in order to align our forecasts with the 14.5% operating margin target for 2022. We consider the “High Road 2022†plan is prudent on profitability as it embeds a 1ppt headwind from “contingencyâ€, while we are convinced the integration of Aricent, if it succeeds, will raise Altran to higher levels.
Altran Technologies is a global player in the advanced engineering and innovation consultancy market, operating in more than 20 countries, particularly in Europe, Asia and North America. Co. advises and accompanies clients in creating and developing new products and services, intervening during the strategic planning stages of new technologies and offering products support and services throughout all developmental phases. Co. offers its consulting services as technical backing, project support and end-to-end services, providing deliveries of customized products. Co. operates in two segments: Innovation and Advanced Engineering Consulting and Organization and Information Systems Consulting.
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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