Alten: FY13 op. margin slightly above expectations, solid free cash flow
NEUTRAL, Fair Value EUR35 (-4%)
This morning Alten reported FY13 results slightly above our estimates and consensus projections. The 2013 free cash flow margin is 1ppt above that of 2012. The outlook statement for 2014 is cautiously optimistic in our view, giving room for gradual improvement in organic growth during the year, while we consider our op. margin forecast (9.8%) is probably a bit cautious - subject to the impact on the margins of GECI Engineering. Pending today’s analysts’ meeting, we expect the shares will react positively to this announcement.
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