Alten is up more than 2% in Paris, as Oddo announced this morning that it was maintaining its "outperform" rating on the stock, with a price target raised from €150 to €165.
The research firm reports that Alten published Q4 sales of €1,000m on Friday, slightly above expectations (vs ODDO BHF: €996m; Css: €965m). Organic growth came in at 14.9%, broadly in line with expectations (vs ODDO BHF: 13.9% y/y org.; Css: 15.4% y/y org.).
' This is a good publication, with solid growth in Q4 but above all a margin slightly above expectations, and FCF that should be good. What's more, the tone is reassuring for the start of 2023, and the Group seems to be in a position to achieve growth well above the 7% level expected by Consensus, even though the erosion of operating margin is already expected', reacts Oddo.
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Alten is European's No. 1 high-technology consulting and engineering group. The group's services are supplied to technical departments and IT system departments at large industrial, telecom, and utility companies. The activity is organized into 3 areas:
- technology engineering and consulting services: studies, design, and execution of research and development projects for new products/systems, consulting services, project management assistance, etc.;
- development of network architectures: design of terminals and network equipment, deployment and operation of networks;
- development of information systems: implementation or redesign of information systems and development of specific applications.
Net sales break down by market into automotive and rail (20.9%), trade/services/media/public sector (18.4%), aeronautics and space (14.8%), industries (9.4%), banking/finance/insurance (9.1%), life sciences (8.3%), energy (7.3%), defense/security/maritime (6.5%) and telecoms (5.4%),
Net sales are distributed geographically as follows: France (31.9%), North America (11.9%), Germany (9%), Spain (9.1%), Asia-Pacific (7.9%), United Kingdom (7.7%) , Italy (7.7%), Benelux (5.6%), Scandinavia (4.4%), Eastern Europe (2.8%), Switzerland (1.5%) and others (0.5%).
ALTEN 
