ALTEN: Still working hard for repairing the effects of the crisis | SELL | EUR80 VS. EUR72 (-8%)
ALTEN - SELL | EUR80 VS. EUR72 (-8%)Still working hard for repairing the effects of the crisis
We reiterate our Sell rating but raise our TP to EUR80 from EUR72
Operating margin and FCF exceeded expectations in 2020
Alten is resolute for returning to late 2019 activity levels by late 2021
The acquisition spree will continue, on larger targets
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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