Alten: Feedback from Paris investor roadshow

NEUTRAL, Fair Value EUR42 (-4%)
News published on May Wednesday 27, 2015
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We reiterate our Neutral rating following the investor roadshow we hosted last week with Alten’s deputy CEO Bruno Benoliel. The key messages of this event were the following: 1). Management is comfortable with 3-4% lfl revenue growth and an op. margin close to 10% for 2015; 2). Over the medium-term, growth may accelerate provided that the economy is recovering, and the op. margin may reach 10-11%; and 3). Alten’s reaffirms its difference with Altran in terms of business model.

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