Atos: FY12 conference call feedback: setting up the stage for a new story
NEUTRAL, Fair Value EUR60 (+6%)
We reiterate our Neutral rating and our DCF-derived fair value of EUR60 following yesterday’s conference call: 1). FY12 results and FY13 targets were in line with expectations; 2). We deem investors will wait for the carve-out of the Payments activities to take shape, and targets with figures on the new three-year “Tier 1” programme are communicated, before being more bullish on the stock. Now Atos has finished its turnaround, the group is setting up the stage for a new story that leads us to think that, on paper, the group may raise its op. margin to at least 10% medium term (from 2016?).
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