ALTEN: How to resolve the bench issue in less than 12 months | SELL | EUR71 vs. EUR69 (-7%)
ALTEN - SELL | EUR71 vs. EUR69 (-7%)How to resolve the bench issue in less than 12 months
We reiterate our Sell rating and adjust our TP to EUR71 from 69
H1 numbers should not overlook more margin deterioration in H2
The resorption of the bench will depend on the speed of recovery
The activity mix has to evolve towards more engineering and IT
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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