Sopra Group: H1 13 results in line, FY13 guidance reiterated
BUY, Fair Value EUR70 (+27%)
Yesterday evening Sopra reported H1 13 results in line with expectations and reiterated FY13 guidance. Once again, the group clearly outperformed the competition, particularly in France where we estimate the IT Services market is in decline. The integration of HR Access is well under way and may lead to a breakeven for this business in H2 13. As such, following a poor 3-month performance - due to the AGM trading update in June - we estimate the share price will react positively near term.
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