Report
Gregory Ramirez

ATOS: Adjustment to our Fair Value from the Worldline share distribution | BUY | EUR107 vs. EUR127 (+57%)

ATOS - BUY | EUR107 vs. EUR127 (+57%)
Adjustment to our Fair Value from the Worldline share distribution

The share price was adjusted by EUR24 on 3rd May
Our new forecasts ex-Worldline are in line with Advance 2021
Significant net debt reduction is in sight for 2019
We adjust our Fair Value to EUR107
Underlying
Atos SE

Atos is an international information technology services company operating in 52 countries. Co.'s customers are sectors like Public Sector and Utilities, Telecoms and Media, Financial Services, Process Industries and Discrete Manufacturing and Consumer Products and Retail. Co. operates in seven geographical segments: Germany; France; Benelux and The Nordics; U.K. and Ireland; Atos Worldline; Central & Eastern Europe; North America; Iberia; and Other Countries. Co. delivers IT services through the following five segments: Managed Services, Systems Integration, Consulting, Worldline: ePayment Services, and Cloud & Enterprise Software.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Gregory Ramirez

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