Atos : Visibility on the risk/reward profile still too limited, in our view
>The dynamics of growth and the margin still uncertain - It is very difficult to analyse underlying growth trends in the wake of this publication due to the very different base effects between Q3 and Q4 and the fact that we have no details on historical quarterly organic growth at TFCo and Evidian (and even less so for the BDS and digital services divisions at Evidian). However, note an unexpected deterioration in growth at TFCo in Q4 (-1.2% vs 0.3% in Q3) despite a f...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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