Sopra Group: FY12 analysts’ meeting feedback: HR Access’ EPS accretion potential looks significant
BUY, Fair Value EUR75 vs. EUR68 (+24%)
We are reiterating our Buy rating and have increased our DCF-derived fair value to EUR75 from EUR68 primarily on the acquisition of HR Access. Following yesterday’s meeting we estimate such a deal may be EPS accretive by 6-7% from 2014. As such, and taking into account FY12 results above expectations and a positive impact from the French “competitiveness” tax credit, we increase our sales ests. by 6% for 2013 and 8% for 2014, and our adj. EPS by 7% for 2013 and 10% for 2014.
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