Financials Alten

Equities

ATE

FR0000071946

IT Services & Consulting

Market Closed - Euronext Paris Other stock markets 11:37:20 2024-04-26 am EDT			5-day change	1st Jan Change
114.2 ^EUR	-11.40%		-10.85%	-15.16%

Apr. 26	Alten: slight increase in activity in Q1	CF
Apr. 16	VGP Completes Second Phase of Property Transfers to Deka Immobilien JV	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,425	3,789	3,123	5,375	3,966	3,944	3,944	-
Enterprise Value (EV) ¹	2,413	3,763	3,010	5,155	3,786	4,607	3,563	3,335
P/E ratio	15.6 x	23.2 x	32.4 x	26.3 x	8.84 x	15.3 x	13.6 x	12.4 x
Yield	1.38%	-	1.08%	0.63%	1.28%	1.23%	1.44%	1.5%
Capitalization / Revenue	1.07 x	1.44 x	1.34 x	1.84 x	1.05 x	1.14 x	0.93 x	0.86 x
EV / Revenue	1.06 x	1.43 x	1.29 x	1.76 x	1 x	1.13 x	0.84 x	0.73 x
EV / EBITDA	10.3 x	11.9 x	15 x	13.1 x	8.04 x	10.1 x	7.4 x	6.17 x
EV / FCF	29.2 x	19.3 x	10.1 x	32.6 x	25.5 x	31.4 x	12.4 x	11.2 x
FCF Yield	3.42%	5.19%	9.87%	3.07%	3.93%	3.18%	8.05%	8.93%
Price to Book	2.51 x	3.4 x	2.58 x	3.78 x	2.17 x	1.94 x	1.72 x	1.53 x
Nbr of stocks (in thousands)	33,361	33,679	33,705	33,913	33,956	34,533	34,533	-
Reference price ²	72.70	112.5	92.65	158.5	116.8	114.2	114.2	114.2
Announcement Date	2/19/19	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,270	2,624	2,332	2,925	3,783	4,069	4,259	4,574
EBITDA ¹	233.1	316	201.1	392.3	470.7	454.5	481.8	540.5
EBIT ¹	217.8	255.5	142.4	319.9	389.9	350.5	392.2	444.3
Operating Margin	9.6%	9.74%	6.11%	10.93%	10.31%	8.62%	9.21%	9.71%
Earnings before Tax (EBT) ¹	212.7	240.9	134.7	286.5	595.1	320.1	393.2	432.3
Net income ¹	157.9	164.2	98	207.8	457.6	233.2	278.2	314.5
Net margin	6.96%	6.26%	4.2%	7.1%	12.1%	5.73%	6.53%	6.88%
EPS ²	4.650	4.840	2.860	6.030	13.21	7.476	8.380	9.220
Free Cash Flow ¹	82.5	195.3	296.9	158.1	148.7	146.6	286.7	298
FCF margin	3.63%	7.44%	12.73%	5.4%	3.93%	3.6%	6.73%	6.52%
FCF Conversion (EBITDA)	35.39%	61.8%	147.65%	40.3%	31.59%	32.26%	59.52%	55.14%
FCF Conversion (Net income)	52.25%	118.92%	302.98%	76.08%	32.5%	62.86%	103.08%	94.76%
Dividend per Share ²	1.000	-	1.000	1.000	1.500	1.399	1.641	1.716
Announcement Date	2/19/19	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2020 S1	2021 Q1	2021 Q2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2023 Q2	2023 S1	2023 Q3	2024 Q1
Net sales ¹	1,292	-	1,240	690.1	705.1	1,395	794.8	894.6	931.3	1,826	1,012	2,048	1,035	1,079
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	116.6	144.1	75.2	-	-	137.1	-	-	-	208.6	-	188	-	-
Operating Margin	9.02%	-	6.06%	-	-	9.83%	-	-	-	11.42%	-	9.18%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	89.28	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	6.4%	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	2.590	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/24/19	2/18/20	9/22/20	6/22/21	9/22/21	9/22/21	2/22/22	4/27/22	7/27/22	7/27/22	7/27/23	7/27/23	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12.5	25.6	113	220	180	41.5	380	608
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	82.5	195	297	158	149	147	287	298
ROE (net income / shareholders' equity)	17.5%	15.8%	8.42%	15.8%	28.1%	13.2%	13.3%	13%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	29.00	33.10	35.90	41.90	53.90	58.70	66.30	74.70
Cash Flow per Share ²	5.340	7.170	4.040	10.00	6.960	10.20	9.560	13.00
Capex ¹	16.9	29.2	10.5	16.3	26	20.6	29	31.9
Capex / Sales	0.75%	1.11%	0.45%	0.56%	0.69%	0.51%	0.68%	0.7%
Announcement Date	2/19/19	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Alten

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

114.2 EUR

Average target price

157.9 EUR

Spread / Average Target

+38.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
ALTEN	-15.16%	4.21B
ACCENTURE PLC	-12.23%	194B
TATA CONSULTANCY SERVICES LTD.	+0.74%	166B
IBM	+2.19%	153B
AUTOMATIC DATA PROCESSING, INC.	+4.34%	99.85B
RELX PLC	+7.04%	77.56B
CROWDSTRIKE HOLDINGS, INC.	+19.09%	73.55B
INFOSYS LIMITED	-7.30%	71B
SNOWFLAKE INC.	-20.54%	52.81B
HCL TECHNOLOGIES LIMITED	+0.53%	47.86B

Other IT Services & Consulting