Atos: FY12 results and FY13 guidance in line, carve-out of Payments & Merchant transactions

NEUTRAL, Fair Value EUR60 (+5%)

News published on February Thursday 21, 2013
Share on

This morning Atos reported FY12 results in line with our ests. and the consensus average. The group also announced a book-to-bill ratio of 113%, while FY13 guidance (sales up modestly lfl, op. margin at 7.5%) is more or less in line with expectations. Unsurprisingly the group announced the carve-out of the payments business but without talking about a possible IPO. As such, we deem the share price will not react significantly near-term and we consider the stock is almost fairly valued.


Full report available to subscribers
Please contact marketing@bryangarnier.fr

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities