Altran Technologies: Over-reaction is not the solution
Altran Technologies: (BUY-TOP PICKS, Fair Value EUR17 (+98%))Over-reaction is not the solution
The share price plummeted by 27% on Friday following the disclosure of USD10m forged purchased orders at Aricent in the period prior to its acquisition by Altran. While we do not minimise the facts, we consider this stock market reaction excessive given the isolated nature of the forgery and the minimal direct and indirect impact it is thought to have on sales and profitability. We understand that a significant part of the lost profit will be recovered before late 2018.
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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