Atos: Q1 13 sales in line, FY13 guidance reiterated
NEUTRAL, Fair Value EUR60 (+15%)
This morning Atos reported Q1 13 sales in line with ests. and reiterated FY13 guidance. It generated a EUR30m free cash flow and improved its net cash position to EUR258m. The carve-out project on Payments & Merchant Tractions business is poised to be finalised mid-year, in line with expectations. We deem the share price will not react significantly on the back of this publication.
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