Report
Nicolas David

Atos : Reassuring organic growth and 2021 guidance. Partial exit of Worldline

>Better organic growth in Q4. FCF in line despite lower adjusted operating margin - On the side lines of its CMD, Atos unveiled its FY 2018 results, with Q4 organic growth of +1.2%, well ahead of expectations (+0.4%). This recovery in relation to Q3 (+0.1% y-o-y org.) stems mainly from Germany (thanks to IDM) and France (thanks to BDS). The adjusted operating margin came to 10.3%, below expectations and at the lower end of the guidance range (10.5%) due to weaker prof...
Underlying
Atos SE

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.

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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