Altran Technologies: H1 2018 operating results in line, free cash flow to improve in H2
Altran Technologies: (BUY-TOP PICKS, Fair Value EUR17 (+84%))H1 2018 operating results in line, free cash flow to improve in H2
This morning Altran has reported H1 2018 operating results in line with expectations, while free cash flow is below consensus (and net debt on 30th June 2018 above consensus) but not reflective of that expected for the full-year given a lot of ‘one-offs’ related to the acquisition of Aricent. Finally, the external investigation launched after the discovery of the USD10m forged purchase orders at Aricent has confirmed that the forgery was an isolated event. We expect the share price to react positively.
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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