Assystem : Between strong visibility and hidden value, the equity story is still attractive
>Still a value stock despite many catalysts - Since last year’s announcement of the nuclear programme in France, visibility on Assystem’s outlook has never been so strong. However, in our SOTP-derived valuation, if we subtract the value of Assystem’s stakes in Framatome (5%) and Expleo (38%), the current share price values the core business at <9.0x prospective EBIT, an attractive level in view of the outlook for this segment. This corresponds to a discount of c.30% c...Assystem SA is a France-based company that is principally engaged in engineering and innovation consultancy. The Company offers solutions within a number of sectors, such as Aerospace, Defence, Energy, Nuclear, Life Sciences, Infrastructure, Automotive and Transport. The Company develops the infrastructural engineering and externalized R&D services. It's activities include managing infrastructural investments, from conception to dismantling; aerospace mechanical engineering, providing technical services to aerospace, engine and automotive manufacturers and technology & product engineering, providing services in transport, defense, product hardware and software development. The Company is present Europe, North America and Asia. The main shareholder of the Company is HDL Developpement SAS. It operates through Onyx Promavi, Batir Group, Edison Technical Recruitment Ltd, Radicon Gulf Consult, Engineering Partner Automotive Nordic AB and The Biotech Quality Group, among others.
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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