Alten : No change of trend in sight – Buy reiterated
>No margin erosion in H1 2018 in the end - Alten’s complete H1 2018 results, reported on Thursday, 20 September, topped our expectations. The group generated sales of € 1,100m (already published previously), showing organic growth of 10% y-o-y, and EBIT of € 103m, whereas we had been forecasting € 98m, corresponding to a margin of 9.3%. The margin is therefore stable vs H1 2017 (restated for IFRS 15), despite an unfavourable calendar effect (-1 day, i.e. c.-50bp). Mor...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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