Groupe Steria: FY12 results and FY13 outlook globally in line

BUY, Fair Value EUR16 (+15%)

News published on February Thursday 28, 2013
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This morning Steria reported FY12 results globally in line with our forecasts and the consensus average, with an op. margin 0.2ppt below our expectations. Management predicts positive organic growth for 2013 - which was the scenario we expected - and profitability is planned to improve significantly thanks to EUR18-20m cost savings to be generated by the 3P plan launched in H2 12. Following a 7% decline during the last month due to adjustments in the pension provision within analysts’ models - we did that work three months ago -, we deem the share price should react positively.

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