Report
Andrew Lange
EUR 101.80 For Business Accounts Only

Atos Posts Consistent First-Half Performance; 2019 Ambition Remains the Target; Shares Overvalued

Atos posted another consistent quarter of progress after releasing its first-half results. The firm’s first-half revenue growth trajectory and operation margin expansion reassured us about the firm’s ability to hit its targeted fiscal 2019 ambitions of: 2017-19 organic revenue growth CAGR of 2%-3%, an operating margin of 10.5%-11.0% in fiscal 2019, and a free cash flow to operating margin conversion rate around 65% in fiscal 2019. We think the company can meet these midterm requirements and beli...
Underlying
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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Andrew Lange

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