Sopra Steria Group: Company roadshow feedback: the equation remains the same
Sopra Steria Group: (BUY, Fair Value EUR201 (+53%))Company roadshow feedback: the equation remains the same
We reiterate our Buy rating following the company roadshow we organised with the IR team on 28th September in Geneva. The key messages from this event were that: 1) 2018 remains a transition year for the UK given the rebalancing of the business towards higher value-added services; 2) Sopra Banking Software is near the end of its transformation, which could augur a c. 15% margin for this division in 2020; 3) free cash flow is not an issue this year as DSOs are better managed than before.
Sopra Steria Group is a global player in IT services, with operations in consulting, software development, and integration. In addition to France, Co. operates in the United Kingdom, Spain, Italy, Switzerland, Germany, and Belgium, assisting its clients in managing the transformation of their businesses and information systems. Co. divides its operation into three categories: Consulting, Systems and Solutions Integration, and Software Development; which it spreads among eight major verticals: Financial Services, Insurance and Social Welfare, Public Sector, Telecom Operators, Aerospace and Defense, Energy, Transport and Courier Services, and Retail.
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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