Altran Technologies: Q1 13 sales roughly in line, but the invoicing rate disappoints
BUY, Fair Value EUR7.5 (+24%)
This morning Altran reported Q1 13 revenues roughly in line with expectations, while the outlook is reiterated. However, the invoicing (utilisation) rate disappoints, thus reflecting the persistently tough market conditions that have prevailed since the beginning of the year in the High-tech Consulting market, especially in the Automotive sector. Following a 12% surge during the last month amidst the successful conversion of 2015 OCEANE bonds, we consider the share price will react negatively on the back of this release.
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