ALTEN: Visibility remains low and profitability will suffer more in 2020 | SELL vs. NEUTRAL | EUR57 vs. EUR74 (-15%)
ALTEN - SELL vs. NEUTRAL | EUR57 vs. EUR74 (-15%)Visibility remains low and profitability will suffer more in 2020
We downgrade to Sell and cut our Fair Value to EUR57
Q2 2020 was a less gloomy than feared
However, recovery is unlikely to really happen in H2
Profitability in 2020 is likely to fall at a higher pace
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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