We reiterate our Buy rating following the conference call held yesterday. We shave our adj. EPS ests. by 1% and by 0.1ppt our adj. EBIT margin forecasts, as we believe there are uncertainties on the timing to reach breakeven in Germany (H2 15 or only Q4 15). Overall, except unsurprisingly for Germany, we consider Altran is working hard for turnaround in that country while trends are positive almost everywhere else. The next positive catalyst will be the Investor Day on 17th November, for which we expect ambitious operating margin targets for 2020 (BG est.: 12.9% at constant scope).
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