Altran: Bryan Garnier still a buyer

(CercleFinance.com) - Bryan Garnier has reinstated its "buy" rating on the Altran stock, along with its fair value of 17 euros, after Apax Partners sold 48% of its stake in the US-Canadian competitor GlobalLogic for 2 billion dollars.


The broker notes that this transaction was completed at an EV/Sales multiple of 4x and an EV/EBIT of 20x, much higher than those paid by Altran for Aricent, which it now considers as reasonable.

"While Altran's share price performance remains sluggish, we expect positive catalysts to gradually emerge with lfl sales growth acceleration, synergies with Aricent, and balance sheet deleveraging," Bryan Garnier says.


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