Yesterday evening Alten reported H1 15 results in line with our expectations and the consensus. Free cash flow is back to a normal trend after an unusual DSO peak in H1 14. Finally, the positive outlook is reiterated for H2 15, with management guiding for lfl revenue growth acceleration and profitability increase. While the share price was up 4% in the last 3 months, we consider the stock will have a slightly positive reaction short term.
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