Sopra Group: H1 13 analysts' meeting feedback: investing for harvesting
BUY, Fair Value EUR70 (+26%)
We reiterate our Buy rating and our DCF-derived fair value of EUR70 following the H1 13 analysts’ meeting held yesterday. Sopra remains the outperformer in terms of revenue growth in IT Services thanks to a focused strategy, while we expect heavy investments in pre-sales and projects, and product development to pay off gradually. Finally, Sopra confirmed its breakeven goal for HR Access for 2014, in order to make it profitable for 2015.
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