Alten: H1 13 results above expectations, encouraging H2 13 outlook

NEUTRAL, Fair Value EUR28 (-7%)

News published on September Wednesday 25, 2013
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This morning Alten reported H1 13 results above our expectations and company guidance. Management did not confirm FY13 guidance, but issued a positive outlook statement for H2 13, which makes us believe that our FY13 forecasts (sales up 1.9% lfl, op. margin of 9.2%) are a bit conservative. While the share price gained 18% in the last 3 months, we consider the stock will have a positive reaction short-term.

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