Report

INVEST SECURITIES - Atos/Capgemini/Sopra Steria : Préférence confirmée pour Sopra Steria - (NEUTRE, OC 120€/NEUTRE, OC 96€/ACHAT, OC 185€)

Nous analysons en quelques pages les enseignements des résultats 2017. De manière transversale, la dynamique de croissance reste bonne mais le levier sur les marges se réduit à MT, sauf sur Sopra Steria, qui a un fort potentiel d'amélioration d'ici 2020. Les révisions des attentes du consensus ont confirmé cette hiérarchie (hausse sur Sopra Steria, baisse sur Atos et Cap). Nous pensons que la surperformance de Sopra Steria vs CapGemini (+3,1%) et Atos (+29,6%) depuis notre initiation (05/09/17) a vocation à s'accentuer dans les prochains mois. Nous demeurons à l'ACHAT sur Sopra Steria (OC 185€) et à NEUTRE sur ATOS (OC 120€) et CapGemini (OC 96€).
Underlyings
Atos SE

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.

Capgemini SE

Capgemini is a consulting and IT services provider. Co. works closely with technology partners at the cutting edge of innovation in major trends such as: Cloud, Big Data and mobility. Co. offers its clients skills in a variety of fields, such as digital transformation and digital customer experience, Cloud, Big Data, mobility, testing, cyber security, application management. In addition, Co. helps its clients enhance their performance and sharpen their competitive edge by offering them a range of skills grouped around four major businesses: Consulting Services through Capgemini Consulting, Technology Services (TS), Local Professional Services through Sogeti, and X Outsourcing Services (OS).

Sopra Steria Group SA

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.

Provider
Invest Securities
Invest Securities

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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