AKKA: Initiating Coverage - A Vision To 'Clear' Solutions AKA FP
Helped by a flourishing ER&D market that is forecast to grow by 8-12% over the next 4 years, we believe AKKA can leverage its reputation and long-term relations with major captives in the mobility sector, where sweeping structural changes are already underway. The consolidation of OEMs and their growing tendency to streamline the number of suppliers they work with has raised barriers to entry and generated economies of scale in the ER&D services market. This benefits large vendors such as AKKA, which we feel have important competitive advantages (e.g. project expertise, familiarity with client requirements, and business network) compared to smaller players. Over 2018-2023, we expect AKKA Technologies to realize an EPS CAGR of 15%. We initiate our coverage of the share with a BUY rating and TP of € 74.Akka Technologies is an engineering and technology consultancy company. Co. bases its service around two areas which enable it to cover the full life cycle of a product: information and systems technology and engineering. Co.'s activities can be divided into six areas: Mechanical Engineering, Process Engineering, Document Engineering, Industrial Information Technology and Embedded Systems, Information Systems and Consulting. Co. operates mainly in France, Belgium and Germany. Co also operates in Italy, Romania, Switzerland, Spain, England and Canada.
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