Atos: FY12 results and FY13 guidance in line, carve-out of Payments & Merchant transactions
NEUTRAL, Fair Value EUR60 (+5%)
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.
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