Alten : Mixed Q2 sales and adjustment to growth and margin guidance. Opinion downgraded to Neutral (vs Outperform)
>Organic growth of 1.0% in Q2, slightly below forecasts - Alten reported yesterday after market close Q2 sales of € 1.04bn, up 2.8% y/y, a figure 1.3% below expectations because of organic growth of just +1.0%, a little shy of forecasts (Css VA: +1.9%; ODDO BHF: 1.8%). This growth, in line with that in Q1 (+0.8% org.), reflects in reality a weakening of the underlying trend, since the calendar effect was slightly positive y/y in Q2 after being negative y/y in Q1. With...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).
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.
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