Atos: Oddo BHF still says 'buy' after Worldline placement
(CercleFinance.com) - Oddo BHF reiterates its "buy" rating on the Atos share, along with its target price of 95 euros, after the group divested Worldline shares a little faster than it expected, although this is in line with the scenario that it imagined for the start of 2020.
The sale price is marginally higher than what the broker calculated in its sum of the parts estimate, thanks to the recent rise in the Worldline share and a placement discount that is limited to 4%, notes the analyst who monitors the share.
Oddo BHF believes that Atos remains largely undervalued, while it expects stabilisation in organic growth towards +2% over the coming quarters and a reassuring 2019 FCF after the disappointment of H1 2019.
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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.
The sale price is marginally higher than what the broker calculated in its sum of the parts estimate, thanks to the recent rise in the Worldline share and a placement discount that is limited to 4%, notes the analyst who monitors the share.
Oddo BHF believes that Atos remains largely undervalued, while it expects stabilisation in organic growth towards +2% over the coming quarters and a reassuring 2019 FCF after the disappointment of H1 2019.
Copyright (c) 2020 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.