Oddo BHF - Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

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Oddo BHF

Nicolas David

Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

Suite à la restructuration de sa dette Atos a retrouvé une position de liquidité lui permettant d’opérer ses activités. Néanmoins, dans un contexte macro défavorable, le redressement opérationnel du groupe sera difficile et la consommation de trésorerie restera importante. Malgré la tenue d’un CMD le 14 mai, il nous semble trop tôt pour revenir sur le titre. Nous relevons l’opinion Neutre avec un OC de 35 €.

06/05/2025 1 FR

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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.

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Analysts

Nicolas David

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Atos : Execution risk and debt levels still too high to come back to the stock

Following its debt restructuring, Atos has regained a cash position that will enable it to continue operations. However, in an unfavourable macroeconomic environment, the group's operational recovery will be tough going and cash burn is set to remain high. Despite the CMD due on 14 May, we think it is too early to return to the stock. We are upgrading our recommendation to Neutral with a target price of € 35.

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Atos : Le risque d’exécution et l’endettement restent trop importants pour revenir sur le titre

Atos : Execution risk and debt levels still too high to come back to the stock

Webuild : Building resistance: no significant impacts expected from the tariff war

Webuild : Building resistance: no significant impacts expected from the tariff war

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