Altran Technologies S.A.

Altran Technologies is a global player in the advanced engineering and innovation consultancy market, operating in more than 20 countries, particularly in Europe, Asia and North America. Co. advises and accompanies clients in creating and developing new products and services, intervening during the strategic planning stages of new technologies and offering products support and services throughout all developmental phases. Co. offers its consulting services as technical backing, project support and end-to-end services, providing deliveries of customized products. Co. operates in two segments: Innovation and Advanced Engineering Consulting and Organization and Information Systems Consulting.
  • TickerALT
  • ISINFR0000034639
  • ExchangeEuronext Paris
  • SectorSoftware & Computer Services
  • CountryFrance

Analysts

Matthieu Lavillunière ...
  • Thibault Morel

INVEST SECURITIES - ALTRAN (NEUTRE, OC 14€) : Résultats globalement en ligne avant l'OPA

With a more favourable environment, ALTRAN TECHNOLOGIES improves to Slightly Positive

ALTRAN TECHNOLOGIES (FR), a company active in the Business Support Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 14.42 and its potential was estimated at EUR 17.34.

Gregory Ramirez

ALTRAN TECHNOLOGIES: H1 2019 meeting feedback: the future is the hands of shareholders | BUY | EUR17 (+17%)

ALTRAN TECHNOLOGIES - BUY | EUR17 (+17%) H1 2019 meeting feedback: the future is the hands of shareholders Soft growth in Germany/America offset by strength elsewhere The net cost of the cyberattack will be marginal The tender offer process looks to be on track for closing late 2019 However, the end of the story remains unclear…

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Matthieu Lavillunière ...
  • Thibault Morel

INVEST SECURITIES - ALTRAN (NEUTRE, OC 14€) : Résultats globalement en ligne avant l'OPA

Gregory Ramirez

ALTRAN TECHNOLOGIES: H1 2019 meeting feedback: the future is the hands of shareholders | BUY | EUR17 (+17%)

ALTRAN TECHNOLOGIES - BUY | EUR17 (+17%) H1 2019 meeting feedback: the future is the hands of shareholders Soft growth in Germany/America offset by strength elsewhere The net cost of the cyberattack will be marginal The tender offer process looks to be on track for closing late 2019 However, the end of the story remains unclear…

Charles Lepetitpas ...
  • Nicolas David

Altran Technologies : H1 2019 results in line and rebound in the communications segment at Aricent

>The group has reported earnings in line with expectations - Yesterday morning, Altran reported H1 2019 results in line with expectations. Q2 2019 sales totalled € 803m, in line with the consensus (€ 805m) and growth of 7.6% y-o-y. Organic growth was 6.8% (ODDO BHF: 7.0%e) and +8.0% after adjusting for the unfavourable impact of the number of business days. The sequential slowdown (vs +9.2% in Q1) was mainly due to Aricent's inclusion in the organic scope and Germany,...

Charles Lepetitpas ...
  • Nicolas David

Altran Technologies : Résultats S1 en ligne et rebond du segment Communications chez Aricent

>Le groupe a publié des résultats en ligne avec les attentes - Altran a publié hier matin des résultats S1 en ligne avec les attentes. Le CA du T2 est ressorti à 803 M€, en ligne avec le consensus (805 M€) et en croissance de 7.6% y/y. La croissance organique ressort à 6.8% (ODDO BHF : 7.0%e) et à +8.0% après ajustement de l’impact défavorable des jours ouvrés. Le ralentissement séquentiel (vs +9.2% au T1) provient essentiellement de l’entrée d’Aricent dans le périmèt...

Gregory Ramirez

ALTRAN TECHNOLOGIES | BUY | EUR17 When Elliott enters the game...

ALTRAN TECHNOLOGIES | BUY | EUR17 When Elliott enters the game... Elliott intends not to tender the shares it may acquire We understand Elliott is not fully satisfied by a bid at EUR14/share The question now is: will Capgemini raise its bid price?

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/06/2019

We estimate the increase in NAV at end-June at 17% (+€ 643m) to € 4.4bn (€ 176 per share). At 4 September, the increase is slightly lower (+15%). The discount has returned to a historically high level (46% at end-June, 49% at present). In the future, the valuation should continue to increase thanks to a twin source of leverage: the continued rise in NAV and the reduction of the discount. We confirm our Buy recommendation and have edged up our target price to € 134 vs € 132. - Cf. com...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jeremy Garnier
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/09/2019

Nous estimons la progression de l’ANR à fin juin à 17% (+643 M€) à 4.4 Md€ (176 € par titre). Au 4 septembre, la progression est légèrement inférieure (+15%). La décote est revenue à un niveau historiquement élevé (46% à fin juin, 49% actuellement). A l’avenir, la valorisation devrait continuer de s’apprécier grâce à un double levier : poursuite de l’augmentation de l’ANR et réduction de la décote. Nous confirmons notre opinion Achat et revoyons en légère hausse notre OC à 134 € vs 13...

Charles Lepetitpas ...
  • Florent Laroche-Joubert
  • Nicolas David
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 06/25/2019

Based on the last sets of results and quarterly sales, it seems that the improvement in the US and the many initiatives taken by the new CEO have placed Virbac on the path to an estimated operating margin of 14.5% in 2023. Our target price of € 185 suggests more limited upside in the short term (7%): Neutral vs Buy. - Cf. report published this morning. - ...

Charles Lepetitpas ...
  • Florent Laroche-Joubert
  • Nicolas David
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 25/06/2019

Sur la base des derniers chiffres publiés, il apparaît que l’amélioration de la situation aux USA et les nombreuses initiatives du nouveau CEO ont engagé Virbac dans une trajectoire convergeant vers une MOP de 14.5%e à horizon 2023. Notre objectif de cours de 185 € suggère un potentiel plus limité à court terme (7%) : Neutre vs Achat. - Cf. étude publiée ce jour. - ...

With a more favourable environment, ALTRAN TECHNOLOGIES improves to Slightly Positive

ALTRAN TECHNOLOGIES (FR), a company active in the Business Support Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 14.42 and its potential was estimated at EUR 17.34.

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