Sopra Group: Q1 13 sales slightly above expectations, FY13 sales growth guidance confirmed

BUY, Fair Value EUR75 (+26%)

News published on April Tuesday 23, 2013
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Yesterday evening Sopra reported Q1 13 sales 2% above our forecasts and roughly in line with the consensus average, with management reiterating confidence to deliver 2-5% lfl growth for FY13. In our view, Sopra will be the only French IT Services company in our coverage to deliver positive organic growth despite two billable days less compared to Q1 12. While management will not communicate on profitability targets before the AGM on 13th June, we shaved our FY13 op. margin forecast to 8.8% from 9% due to more price pressure in France, but we deem that the profitability level would be decent given the dilutive effect from the HR Access acquisition.

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