Groupe Steria: Q1 13 sales slightly below expectations, FY13 guidance confirmed
BUY, Fair Value EUR16 (+40%)
This morning Steria reported Q1 13 sales 2% below our forecasts and 1% below that of the consensus average, negatively impacted by two headwinds (billable days number and the Ecotaxe contract), while management reiterated FY13 guidance. Following its 25% decline over the last three months, we think Steria’s shares remain clearly undervalued.
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