Atos: Q1 15 conference call feedback: more ammunition for making growth acceleration a realityBUY-Top Picks, Fair Value EUR83 (+23%)
We reiterate our Buy rating following the conference call held yesterday. Admittedly, the modest lfl sales growth rate in Q1 15 is a blend of solid areas (the UK, the Public sector) and poor ones (Germany, Benelux and even the US). However, we deem Atos now has more ammunition for making growth acceleration a reality from H2 15 with the re-emergence of new business vs. contract renewals, the recent refocus towards digital transformation, Big Data & Cybersecurity, and Xerox ITO.
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