Le M&A reste le cœur de l'histoire - NEUTRE, OC 133€ vs 126€
Au T3 2017, la croissance lfl est ressortie à +2,5%, en accélération faible en séquentiel. Si Worldline tire la tendance après la fin de l’impact des contrats Radar et VOSA, Atos peine à accélérer sur les services IT (+2,0% lfl vs +2,3% au T2 17). Cela nous conforte dans l’idée que le potentiel d’accélération de la croissance lfl sur les niveaux actuels est faible, et que le coeur du cas d’investissement d’Atos reste le M&A. En ce qui concerne l’Amérique du Nord, le groupe attendra d’avoir redressé la croissance lfl avant de réaliser des opérations, ce qui pourrait signifier au S2 2018. Nous maintenons notre recommandation NEUTRE et ajustons notre OC à 133€ vs 126€ (mise à jour de la prime de risque).Atos is an international information technology services company operating in 52 countries. Co.'s customers are sectors like Public Sector and Utilities, Telecoms and Media, Financial Services, Process Industries and Discrete Manufacturing and Consumer Products and Retail. Co. operates in seven geographical segments: Germany; France; Benelux and The Nordics; U.K. and Ireland; Atos Worldline; Central & Eastern Europe; North America; Iberia; and Other Countries. Co. delivers IT services through the following five segments: Managed Services, Systems Integration, Consulting, Worldline: ePayment Services, and Cloud & Enterprise Software.
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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