Alten: FY12 analysts' meeting feedback: steadily positive

BUY, Fair Value EUR37 vs. EUR33 (+20%)

News published on February Thursday 28, 2013
Share on
We reiterate our Buy rating and have increased our DCF-derived fair value to EUR37 from EUR33, as we now consider that with a market cap of EUR1bn, Alten’s beta should be lower than before (1.6 vs. 1.8) in our model (WACC: 12.9% vs. 14.3%). The company confirmed a decent start in 2013, with no noticeable trend change vs. H2 12. Given the resilience and the stable margins of the business, we expect the share price performance to be steadily positive within the next few months.

Full report available to subscribers
Please contact marketing@bryangarnier.fr 

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities