Atos: Investors Day feedback

News published on November Monday 18, 2013
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We reiterate our Neutral rating but raise our DCF-derived fair value to EUR68 from EUR60 on upped mid-term adj. EBIT margin assumptions (9.5% vs. 8.5% = +EUR5/share) and effects from the forthcoming redemption (with full conversion likely) of 2011-2016 OCEANE bonds (+EUR3/share), following the Investors Day held at Atos’ HQ in Bezons on Friday last week. We deem 2016 ambitions are realistic in an improving economic backdrop, as transformation is in progress. However, growth is not expected to pick up before H2 2014, and we consider margin revisions are priced in.


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