Report
Nicolas David

Alten : A valuation that fails to reflect that group’s track record or its prospects

>Adjusted operating margin beats forecasts. H2 FCF should show an improvement - Alten has published a solid set to 2022 results (sales already published in January), with an adjusted operating margin of 11.1%, beating forecasts (vs ODDO BHF and the consensus: 10.9%) and the group’s historic standards, even despite an unfavourable price/wage effect. This performance was notably driven by a strong contribution from the group’s international activities, an improvement in...
Underlying
Alten SA

Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Nicolas David

ResearchPool Subscriptions

Get the most out of your insights

Get in touch