Alten : Improvement in visibility and attractive valuation, recommendation upgraded to Outperform vs Neutral – target price € 105
>2020 full-year results beat forecasts - Alten reported higher-than-expected 2020 results. The group had already reported its sales, which reflected an organic contraction of 13% of which -20% in France and -8% outside France. Adjusted EBIT reached € 142m (FactSet consensus € 126m, ODDO BHF: € 147m), i.e. A margin of 6.1% - down 3.8 pts y-o-y. Attributable profit came in at € 98m (consensus. € 87m, ODDO BHF: € 85m). FCF (excl. IFRS 16) reached € 247m (consensus € 109m...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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