Sopra Group: FY12 analysts’ meeting feedback: HR Access’ EPS accretion potential looks significant

BUY, Fair Value EUR75 vs. EUR68 (+24%)

News published on February Thursday 21, 2013
Share on

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.

Full report available to subscribers
Please contact

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities