Altran Technologies: FY12 results in line, positive outlook for 2013

BUY, Fair Value EUR7.5 (+31%)

News published on March Thursday 14, 2013
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This morning Altran reported FY12 results in line with expectations, while its free cash flow margin reached 3.4% - in line with the high-end of 2015 targets (2-4%) but slightly ahead of our projections. Outlook remains positive for 2013 despite economic uncertainties, and Altran still has latitude for pursuing acquisitions. We deem the shares will have a positive reaction short-term, after a flattish share price performance (+2%) since Q4 12 sales on 31st January due to the threat of a share overhang in case of forced conversion of 2015 OCEANE bonds (EUR132m).

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