Altran Technologies: Feedback from the Paris Le Bourget Air Show
BUY, Fair Value EUR7.3 (+38%)
Yesterday morning Altran held an analysts’ breakfast meeting at the Paris Air Show in Le Bourget. This event was the chance for management to update investors on H1 13 consensus forecasts. According to management, Q2 13 sales are likely to be a bit weaker than initially expected, but the 9% operating margin for FY13 is still achievable. As such, while the share price fell 10% over 1 month amidst doubts on the attainability of the 9% margin, we deem most of the catalysts for buying the stock will materialise at the time of Q2 13 sales at the end of July.
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