CAPGEMINI: Mission accomplished for acquiring Altran; time now for synergies | BUY | EUR106 vs. EUR113
CAPGEMINI - BUY | EUR106 vs. EUR113 (+44%)Mission accomplished for acquiring Altran; time now for synergies
Capgemini owns 98.2% of Altran and is ready for a squeeze-out
The potential for cost and revenue synergies remains intact
Refinancing the acquisition is not an issue at this stage
We adjust our Fair Value to EUR106 on a more prudent scenario
Capgemini is a consulting and IT services provider. Co. works closely with technology partners at the cutting edge of innovation in major trends such as: Cloud, Big Data and mobility. Co. offers its clients skills in a variety of fields, such as digital transformation and digital customer experience, Cloud, Big Data, mobility, testing, cyber security, application management. In addition, Co. helps its clients enhance their performance and sharpen their competitive edge by offering them a range of skills grouped around four major businesses: Consulting Services through Capgemini Consulting, Technology Services (TS), Local Professional Services through Sogeti, and X Outsourcing Services (OS).
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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