ATOS: CMD feedback: finally changing gear? | BUY | EUR91 vs. EUR83 (+24%)
ATOS - BUY | EUR91 vs. EUR83 (+24%)CMD feedback: finally changing gear?
Growth acceleration will be driven by industry solutions
Spring and RACE will be key for reaching 11-12% margin
Free cash flow will benefit from less restructurings
We raise our Fair Value to EUR91 and reiterate our Buy rating
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.
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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