Atos: rating still under review at invest Securities

(CercleFinance.com) - Invest Securities says that the Atos share is currently under review.


The analyst believes that management has shown transparency in presenting (i) a detailed 2024-27e business plan on a scope including BDS and Tech Foundations and (ii) the 2024-25 financing requirements (E600m in cumulative terms) and the financial structure that the company would be able to support (less than 2x EBITDA including the E1.8bn of WCR optimisation).

Each of the parties involved (shareholders, banks, bondholders, etc.) will therefore want to impose the least unfavourable solution, bearing in mind that everyone will have to make an effort, given that recapitalisation could represent E2.4bn in the central scenario, Invest Securities points out.

While analysts more or less include the business plan presented by in their estimates, it is still impossible for them to give a target price, as they do not know the financial terms (final amount and number of shares created) that will be adopted, the broker adds.


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