Atos : Plans to divest TFCo and € 900m capital increase, but (another) unwelcome balance sheet surprise
>On track to divest TFCo to Daniel Kretínský for € 100m excluding WCR… - Atos announced yesterday that it had begun talks with EPEI (holding company owned by Daniel Kretínský) with a view to divest Tech Foundations (TFCo). The valuation retained is € 2.0bn in enterprise value, including € 0.8bn in leasing commitments. This gives EV of € 1.2bn excluding leasing, i.e. a 2023e EV/EBITDA ratio of 2.3x, in line with the figures retained in our SOTP. After factoring in € 0....Atos is an international information technology services company operating in 52 countries. Co.'s customers are sectors like Public Sector and Utilities, Telecoms and Media, Financial Services, Process Industries and Discrete Manufacturing and Consumer Products and Retail. Co. operates in seven geographical segments: Germany; France; Benelux and The Nordics; U.K. and Ireland; Atos Worldline; Central & Eastern Europe; North America; Iberia; and Other Countries. Co. delivers IT services through the following five segments: Managed Services, Systems Integration, Consulting, Worldline: ePayment Services, and Cloud & Enterprise Software.
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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