Alten: Q4 12 sales roughly in line, off to a decent start in 2013
BUY, Fair Value EUR33 (+13%)
Yesterday evening Alten reported Q4 12 sales roughly in line with expectations. FY12 op. margin outlook is confirmed despite utilisation rates issues in Spain, which are expected to be solved by mid-February and are offset by solid market conditions in Germany. Finally, 2013 is off to a decent start, with no noticeable trend change vs. H2 12. Following a 15% rise since Q3 12 sales reported in November, we expect the share price to react moderately short-term pending possible acquisitions.
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