Altran Technologies: Partners Group acquires 48% of GlobalLogic: Aricent multiples justified
Altran Technologies: (BUY, Fair Value EUR17 (+31%))Partners Group acquires 48% of GlobalLogic: Aricent multiples justified
We reiterate our Buy rating following Apax Partners’ sale of 48% of its stake in Altran’s US/Indian competitor GlobalLogic to Partners Group for USD2bn or EV/sales and EV/EBIT multiples of an est. 4x and 20x. These are way above those paid by Altran for Aricent, which now look reasonable. While Altran’s share price performance remains sluggish, we expect positive catalysts to gradually emerge with lfl sales growth acceleration, synergies with Aricent, and balance sheet deleveraging
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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