Altran Technologies: Feedback from meeting with analysts: potential is underrated
Altran Technologies: (BUY, Fair Value EUR17 (+28%))Feedback from meeting with analysts: potential is underrated
We reiterate our Buy rating after a meeting organised yesterday by CEO Dominique Cerutti and EVP Pascal Brier with analysts to make clarifications ahead of the Capital Markets Day (targets for 2022). The key messages are: 1) the Aricent integration made a good start; 2) this acquisition was mandatory as the industry is reshaping itself; 3) issues in Germany, Benelux and Foliage will be addressed. The share price has underperformed that of Alten year-to-date, and remains undervalued.
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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