SOPRA STERIA GROUP: Q1 2020 call feedback: a plunge in Q2, then gradual recovery | BUY | EUR142 vs. EUR143 (+39%)
SOPRA STERIA GROUP - BUY | EUR142 vs. EUR143 (+39%)Q1 2020 call feedback: a plunge in Q2, then gradual recovery
Management has adopted a prudent stance for not disappointing
Airbus and UK Visa on the negative, Sparda and Nordics positive
Cost savings are already under way, with no restructuring
We reiterate our Buy rating with a Fair Value updated to EUR142
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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