Atos: FY13 results in line, FY14 guidance a bit light on the margin
BUY, Fair Value EUR76 (+9%)
This morning Atos reported FY13 results in line with our ests. and the consensus average. The group also announced a Q4 13 book-to-bill ratio of 102%, or below the 110-130% the company projected in October, while FY14 guidance (positive organic growth, op. margin at 7.5-8%) is a bit light compared to our forecast (7.9%) and the consensus’ average (8%). As such, we deem the share price will not react positively near-term.
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