SOPRA STERIA GROUP Severe FY18 guidance revision due to Sopra Banking Software
NEUTRAL vs. BUY | EUR155 vs .201FY18 operating margin guidance is cut to 7.5% from above 8.6%
Sopra Banking Software is clearly missing targets
Medium-term targets are set to be revisited
We downgrade to Neutral and cut our Fair Value to EUR155
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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