End of coverage

From 2nd January 2024, we will no longer include in our research universe:AltenAtosCapgeminiESI GroupIndra SistemasLectraMaterialiseSageSAPSoftware AGSopra Steria GroupSword GroupTemenos

Decent growth but slowdown in automotive

We reiterate our Buy rating after Q3 2023 growth almost in line with expectations. Alten experienced a faster-than-expected slowdown in automotive in Germany and Sweden, while most regions and industries posted solid performances. Net staff hiring resumed in September and October after an unexpecte

Toeing the line after outstanding years

We have downgraded our rating to Buy from Conviction Buy and adjusted our DCF-derived PT to EUR159 from EUR176, still offering 26% upside potential. Following the publication of H1 2023 operating margin below expectations, management's secular 10% operating margin goal is unlikely to be achieved in

Model update

We reiterate our Conviction Buy rating and have updated our model from fx ahead of the Q2 2023 sales publication on 27th July. Our revenue, operating profit and adj. EPS forecasts are marginally raised (by less than 1%).

Bryan, Garnier & Co Technology Daily | WAGA, NEL, STM, SU, ATE, SWP, N...

Back to normative (but strong) growth

We reiterate our Conviction Buy rating and have raised our DCF-derived PT to EUR176 from EUR172 following the publication yesterday evening of Q1 2023 revenues 3% above our forecast, while management is now confident on lfl revenue growth above 10% for FY 2023. Net staff hiring is accelerating agai

Bryan, Garnier & Co Technology Daily | Atos, Alten