Report
Gregory Ramirez

Alten: Q2 2018 sales slightly above expectations, more positive on FY18 outlook (

Alten: (BUY, Fair Value EUR100 (+18%))
Q2 2018 sales slightly above expectations, more positive on FY18 outlook
Yesterday evening, Alten reported Q2 2018 sales 2% above our estimates, driven by solid demand across the board. Management is more positive than before on its outlook for 2018, now banking on lfl revenue growth of around 10%. That said, the H1 2018 operating margin is likely to be burdened by several headwinds. We do not expect the share price to react significantly in the short-term.
Underlying
Alten SA

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).

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Gregory Ramirez

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