Atos: Invest Securities remains Sell

(CercleFinance.com) - The analyst firm confirms its sell recommendation on the stock, with a target price of E0.
01.

In its note of the day, the analyst points out that, as part of the convocation of the various classes called upon to vote on the financial restructuring at the end of September, the group has communicated a mountain of documents.

These documents clarify certain elements of the business plan, which was revised downwards at the beginning of September, as well as the precise terms of the financial restructuring adopted in mid-July," says Invest Securities.

The main points to bear in mind are (i) the major difference in treatment between current shareholders, who will be fairly well treated if they participate in the capital increase with DPS, creditors participating in the restructuring and creditors who do not participate, who will be seriously penalized, and (ii) a dilution that will be even greater than forecast, with the number of shares multiplied by 2,000x (vs. 800x expected by IS préc)' adds the research firm.

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