Sopra Steria: Bryan Garnier confirms 'buy' rating

(CercleFinance.com) - Bryan Garnier has renewed its "buy" rating on the Sopra Steria stock and its target price of 181 euros, following the group's announcement of its acquisition of Bluecart, a German company founded in 2001 that is based in Hamburg and which has sales of approximately 33 million euros.


While the transaction is expected to be finalised in the second half of the year, the broker estimates Sopra Steria's revenues in Germany (7% of its total revenues) at approximately 260 million euros in 2017, with an operating margin of over 8%. Furthermore, the acquisition of Bluecart should enable the group to increase its sales in Germany by 12%-13%.

However, the gains in terms of synergies are more difficult to assess at this stage.


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