Sopra Group: FY12 results above expectations, positive FY13 outlook, acquisition of HR Access
BUY, Fair Value EUR68 (+12%)
Yesterday evening Sopra announced FY12 results above expectations thanks to sales up 6.3% lfl in Q4 12 – driven by France and Banking Software. Management is optimistic for 2013, with sales guidance of +2-5% lfl. Finally, the group announced the acquisition of HR Access Solutions in order to become a major HR & Payroll solutions provider, with EUR100m pro forma revenues this year. At first glance, we estimate the deal to be EPS accretive in the mid-single digits. Positive reaction expected.
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