Report
Nicolas David

Alten : Une valorisation qui ne reflète pas le track record et les perspectives du groupe

>MOA 2022 supérieure aux attentes. FCF S2 en amélioration - Alten a publié des résultats 2022 solides (le CA avait déjà été publié en janvier), avec une MOA de 11.1%, supérieure aux attentes (vs ODDO BHF & Css : 10.9%) et aux standards historiques du groupe, et ce, malgré un effet prix/salaires défavorable. Cette performance est tirée notamment par une forte contribution à l’international, une amélioration du taux d'activité en 2022 et par une maîtrise des couts SG&A....
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

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