Invest Securities maintains its Buy rating on Alten shares, with a price target raised from €148 to €160.
The analyst reports that while the mid-January publication of sales for 2023 was reassuring as to the company's 2024 growth trajectory, Friday's presentation of annual results did not provide any new information.
As a result, we'll have to wait a few months to quantify our 2024 objectives (satisfactory organic growth and improved EBITA margin), according to the brokerage firm.
'On the M&A front, 2024 should be richer than 2023 (the CEO is confident of acquisitions representing 2,000 engineers and 100mE of full-year sales), even if competition from PE funds is fierce', the broker analyzes.
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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%).