ALTEN: Not just a recovery, but the beginning of a new cycle | BUY | EUR175 VS. EUR132 (+29%)
ALTEN - BUY | EUR175 VS. EUR132 (+29%)Not just a recovery, but the beginning of a new cycle
We reiterate our Buy rating and raise our TP to EUR175 from EUR132
The margin may rise to 10-11% with more efficiency and offshoring
The end-2022 engineering headcount target will be exceeded
All industries offer rosy prospects
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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