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Software and IT Services: Three takeaways from the Q2 2018 earnings season
Software and IT ServicesThree takeaways from the Q2 2018 earnings season
While the earnings season for Q2/H1 2018 has just finished for European IT companies, we consider it has been disappointing on the share price performance due to increased investor focus on debt and free cash flow rather than the income statement. However, sales and operating margin momentum remain positive, with no real disappointment on the numbers. While we made no rating change during the period, we raised our fair values on four stocks. Altran remains our Top Pick.
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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.
Gregory Ramirez
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