Confirmation de notre préférence pour Alten - ACHAT - Objectif 17,5€
Altran a publié un CA T2 17 en ligne avec nos attentes, en dehors de l’impact de la déconsolidation de l’activité dédiée aux utilities aux Etats-Unis, mais cette performance est a posteriori décevante en relatif aux comparables de la société, notamment Alten (croissance économique de +5,7% pour Altran vs +8% pour Alten). Nous ajustons nos BNA de -1,9%/-0,4%/+0,1% pour prendre en compte les variations de périmètre. Nous confirmons notre préférence pour Alten, considérant que la structuration d’Altran continuera probablement de peser dans les trimestres à venir. Le potentiel à MT reste important. Nous maintenons notre recommandation ACHAT notre OC à 17,5€.Altran Technologies is a global player in the advanced engineering and innovation consultancy market, operating in more than 20 countries, particularly in Europe, Asia and North America. Co. advises and accompanies clients in creating and developing new products and services, intervening during the strategic planning stages of new technologies and offering products support and services throughout all developmental phases. Co. offers its consulting services as technical backing, project support and end-to-end services, providing deliveries of customized products. Co. operates in two segments: Innovation and Advanced Engineering Consulting and Organization and Information Systems Consulting.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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