ALTEN: Revenues still in organic decline, but less than anticipated | SELL | EUR95 VS. EUR80 (-7%)
ALTEN - SELL | EUR95 VS. EUR80 (-7%)Revenues still in organic decline, but less than anticipated
We have raised our target price to EUR95 but reiterate our Sell rating
Although still in decline, Q1 2021 sales were 10% above our forecast
Headcount catch-up has occurred almost one quarter ahead of schedule
Double-digit lfl growth in Q2, but recovery in aerospace not in sight
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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