Alten : Appealing outlook but already fully valued
>Satisfactory H1 results, with solid FCF - Last Thursday Alten reported H1 results that were broadly in line with expectations. Adjusted EBIT came to € 117m (ODDO BHF: € 115m) up 13.5 % year-on-year. The margin thus fell 30bp to 9.0% due to a significant calendar effect and the slight fall in the activity rate. Reported EBIT came to € 109m (ODDO BHF: € 111m), after non-recurring costs that were slightly higher than we expected (M&A and tax and social security audits)....Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).
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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