Alten : Excellent Q2, but hiring sharply disappointed
>Excellent Q2 with +12.4% organic growth… - Alten reported Q2 2019 sales of € 649m, up 17.5% of which 12.4% LFL, i.e. 3% above our forecast (Oddo BHF estimate: € 633m, 10.6% organic growth) and flat vs Q1 (12.5% LFL). Organic growth in France came to +14.3% yoy i.e. 280bp above our estimate (Oddo BHF estimate: +11.5% yoy LFL) showing an acceleration (Q1 +12.5% yoy LFL) thanks to the ramp-up of offshore projects for French customers. Abroad, organic growth reached +10....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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