Sopra Steria Group : A CMD to highlight the undervaluation of this quality company
Sopra Steria’s first ever CMD will be an opportunity for the group to offer a reminder of its strategy for building a European leader via organic growth and M&A. We believe the group is capable of outperforming its market and of further increasing its margins with good FCF conversion exceeding consensus forecasts. The CMD should highlight these factors and enable a re-rating of the stock which is undervalued by the market (FCF yield >10%). Outperform rating reiterated and target price maintained at € 251.Sopra Steria Group is a global player in IT services, with operations in consulting, software development, and integration. In addition to France, Co. operates in the United Kingdom, Spain, Italy, Switzerland, Germany, and Belgium, assisting its clients in managing the transformation of their businesses and information systems. Co. divides its operation into three categories: Consulting, Systems and Solutions Integration, and Software Development; which it spreads among eight major verticals: Financial Services, Insurance and Social Welfare, Public Sector, Telecom Operators, Aerospace and Defense, Energy, Transport and Courier Services, and Retail.
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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