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Alten: Oddo reduces target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on IT services group Alten's shares, although has reduced its target price for them from 167 euros to 146 euros.


The broker said that while return on assets (ROA) increased 52% in H1 (to E208.6m, i.e. 3% above expectations), FCF was the black point in the publication, as it was limited to just E1.1m, while the broker was expecting... E50m.

Counting on good growth at end-June 2022, and in the absence of a significant slowdown in the coming months, Alten nevertheless believes that it will be able to post organic growth of well over 10% in H2.

Oddo says that the group's 12%-15% range, mentioned when it announced its Q2 revenues last July remains credible, however.

After taking into account this better-than-expected H1 performance, the unchanged H2 outlook and the latest acquisitions, analysts are raising their 2022 and 2023 ROA forecasts by 5% and 6% respectively, although are lowering their FCF expectations.


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