Indra Sistemas: Q2 2018 conference call feedback: effort is paying off
Indra Sistemas: (BUY, Fair Value EUR14 (+34%))Q2 2018 conference call feedback: effort is paying off
We reiterate our Buy rating following the conference call held on Friday last week, with virtually no change to our forecasts. The 1.1ppt operating margin increase reported for Q2 2018 shows that synergies with Tecnocom are paying off, as they were generated on time and on budget. In addition, Indra is now addressing its structural issues in IT by simplifying its organisation and optimising the salary pyramid, which offers leeway for accelerating operating margin improvement in 2019-2020.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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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