ALTEN - BUY | EUR79 vs. EUR81 (+21%) Q1 2020 sales are old history, Q2 is lost before “normalisation†for H2
Q1 2020 sales exceeded our forecast, but this is old historyThe yet unseen surge in the “bench†in Q2 is temporary
Way less decline expected for H2 after a “lost†Q2
Buy reiterated on hopes for recovery, new Fair Value of EUR79
Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).
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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