Altran Technologies: Q1 16 sales above expectations, outlook confirmedNEUTRAL, Fair Value EUR13 (+5%)
This morning Altran reported Q1 16 revenues 2% ahead of our forecasts and 1% above the consensus average, with accelerating growth momentum in France, Asia and the US. Germany is still declining but the country is expected to be back to growth in Q2 as expected. Unsurprisingly, management considers 2016 will be another year of profitable growth. We expect the share price to react positively short-term.