Groupe Steria: Feedback from Investors Day - Day Two

BUY, Fair Value EUR16 (+51%)

News published on April Friday 5, 2013
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We reiterate our Buy rating following the Investors Days held on 3rd-4th April in Montauban and Toulouse (France). While, as we mentioned yesterday, 2016 revenue and margin targets should allow the share price to recover following speculation on refinancing – a scenario which has been invalidated in our view-, the customer cases shown yesterday (NAV, NOMS, Pôle Emploi) are, in our view, a very good testimony of Steria’s ability to win transformational deals despite its size. In addition, we estimate the RightSecurity Services offering has a clear competitive advantage and has strong growth potential as cyber security has become a top priority for large companies.  

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