Altran Technologies: Feedback from Investor Days
BUY, Fair Value EUR8 (+28%)
We are reiterating our Buy rating following the Investor Days held on 16th-17th October in the UK (West Oxfordshire, East Hertfordshire, Cambridge). The main point was the 2012-15 strategic review, on top of visits to the Lotus F1 plant and Altran’s innovation consulting business Cambridge Consultants. We are confident in our investment case for Altran: 1) An acceleration in organic growth as of Q3 2013, 2) Satisfactory progress in the Hercules plan launched two years ago, 3) Efforts made to turn around margins, 4) The shares are trading at a 10-15% discount vs. Alten in terms of 2014-15 EV/EBIT.
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