ALTEN - BUY vs. SELL | EUR132 VS. EUR95 (+10%) Record growth and faster-than-expected turnar
ALTEN - BUY vs. SELL | EUR132 VS. EUR95 (+10%)Record growth and faster-than-expected turnaround
We upgrade the stock to Buy from Sell with a new TP of EUR132
Turnaround is swift and utilisation rate is back to normal
Headcount catchup from December 2019 levels has been completed
Operating margin is now expected to surge in 2021
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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