Alten : Regain d’optimisme, à confirmer
>Les résultats S1 2020 sont honorables étant donné la chute de l’activité - Alten avait déjà publié en juillet un CA de 1 240 M€, en recul de -7% org. y/y (dont -18% au T2). Il a dégagé un EBIT ajusté de 75.2 M€ sur le semestre, soit une marge de 6.1% en recul de 2.9 pt y/y et 40 pb au-dessus de notre attente. Le RNpg ressort largement supérieur à nos attentes à 60.6 M€ (ODDO BHF : 40 M€) grâce à deux éléments : i/ les frais non-récurrents sont nettement plus limités ...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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