Groupe Steria: H1 13 results almost in line, FY13 outlook revised downwards
BUY, Fair Value EUR16 (+36%)
This morning Steria reported H1 13 results almost in line with expectations, but France and the UK disappointed. Given the mixed order book as of 30th June, management cuts FY13 guidance. While the turnaround initially expected for H2 13 will not really happen, we deem the stock will react negatively short term pending better times.
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