Atos: Invest Securities remains a buyer, but trims target
(CercleFinance.com) - Invest Securities reinstates its "buy" rating on the Atos share, although has trimmed its price target from 124 euros to 117 euros.
This results from a restatement of its valuation of the IT services group and an adjustment of its estimate for the group's future free cash flow.
It explains that Atos used deconsolidating factoring to compensate for exceptionally favorable invoicing and settlement terms that it grants to certain customers. It also believes that it is justified in consider factored receivables as debt.It explains that Atos used deconsolidating factoring to compensate for exceptionally favorable invoicing and settlement terms that it grants to certain customers. It also believes that it is justified in consider factored receivables as debt.
However, the analyst who monitors says that Atos should see significant growth in its EBITA over the next few years (average annual growth of +10.1% over 2018-21), and that it remains the broker's best pick in its sector.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
This results from a restatement of its valuation of the IT services group and an adjustment of its estimate for the group's future free cash flow.
It explains that Atos used deconsolidating factoring to compensate for exceptionally favorable invoicing and settlement terms that it grants to certain customers. It also believes that it is justified in consider factored receivables as debt.It explains that Atos used deconsolidating factoring to compensate for exceptionally favorable invoicing and settlement terms that it grants to certain customers. It also believes that it is justified in consider factored receivables as debt.
However, the analyst who monitors says that Atos should see significant growth in its EBITA over the next few years (average annual growth of +10.1% over 2018-21), and that it remains the broker's best pick in its sector.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.