Devoteam : With the prospect of a rebound in 2021, the € 98 per share takeover bid underestimates Devoteam’s potential. Buy vs Tender to the offer
>Q3 2020 growth of -4.5% org., just a shade below our expectations (-4.0%) - Devoteam reported Q3 revenue of € 175m, reflecting total growth of -4.5% y-o-y, a shade below our forecasts (ODDO BHF -4.0% org.). This represents a sequential deterioration of -2.8pt (Q2 at -1.7% org). Reported sales are a shade above our expectations (€ 175m vs € 173m) thanks to two minor acquisitions made in northern Europe. By region (see p.2), we observe a slight improvement in France, w...Devoteam is an Information and Communication Technologies (ICT) consulting group. Co. specializes in technologies of IT infrastructures, middleware and telecommunication networks. Co. covers the technical, organizational and financial aspects of its clients' projects. It is subdivided into two business line segments. The Technology Consulting segment handles the design and implementation of solutions. This segment operates in three areas: expertise, systems integration and outsourcing under the DVO and DVS brands. The Business Consulting segment can be defined as the provision of skills to companies and organizations, under the Devoteam Consulting brand.
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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