Atos: Raising our forecasts as we include SIX Payment Services in our model
Atos: (BUY, Fair Value EUR163 vs. EUR154 (+43%))Raising our forecasts as we include SIX Payment Services in our model
We reiterate our Buy rating and raise our DCF-derived fair value to EUR163 from EUR154 as we include SIX Payment Services in our model. Taking into account the implementation of 25% in 2019 and 50% in 2020 of the EUR110m EBITDA synergies that Worldline plans by 2022, we increase our adj. EPS ests. by 5% for 2019 and 6% for 2020. While Atos significantly underperformed Worldline over the last 6 months, we consider it is time to buy Atos as has not benefited from the SIX effect yet
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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