ALTRAN TECHNOLOGIES | Let’s set the record straight!
We reiterate our Buy rating with a DCF-derived Fair Value of EUR17 and are maintaining Altran on our Top Picks list. The disclosure of USD10m in forged purchase orders at Aricent prior to its acquisition by Altran and a free cash flow below expectations in H1 2018 prompted a plunge in the share price. We consider the reaction excessive given the isolated nature of the forgery, the minimal impact it is thought to have profitability and medium-term catalysts that remain intact.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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