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Atos Origin

  ATO FP

IT Services-Consultancy, E-Services-...
 /  France 
Demonstration of an effective reorganisation.
Updates
30/07/2010Earnings/sales releases
H1 10: revenue amounted to €2.5bn (-...
30/07/2010Target Change
Change in Target Price€ 36.1 vs 33.5+7.70 %

The increase in target price is attributable to the DCF (see related comment) and comparison-based valuations. Regarding the comparison-based valuation, we have reduced the discount applied to the peers' P/Book ratio (10% vs 20%) to mitigate the impact of Indra Sistemas' high multiple. A lower discount is actually more appropriate as Indra Sistemas has underperformed the IT sector with a share price down 23% year to date
Demonstration of an effective reorgani...
18/04/2010Earnings/sales releases
Q1 2010: the surge in order intake (+1...
31/03/2010Other news/comments
Atos Origin announced a small-sized t...
17/02/2010Earnings/sales releases
2009 earnings: the top of the target ra...
16/10/2009Earnings/sales releases
Q3 09 revenue was down 5.6% lfl to €...
29/07/2009Latest
H1 09: the Group released revenue of ...
16/04/2009Latest
For Q1 09, the Group reported revenu...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 13.7 24.0
Dividend yield (%) 0.00 0.00
EV/EBITDA (x) 7.02 7.23
AlphaValue EPS (€) 2.26 1.09
Dividend (€) 0.00 0.00
Sales (€M) 5,624 5,127
EBITDA (€M) 409 330
Attributable net profit (€M) 22.6 31.7
ROE (after tax) (%) 1.40 2.00
ROCE (%) 5.84 6.73
Gearing (%) 21.0 13.5
Next Div. Indic € 0.40 payment
Target
Price (€) 32.9
Target Price (€)
Market Cap (€M) 2,291
Perf. 1W: 7.81 %
Perf. 1M: -0.18 %
Perf. 3M: -10.7 %
Perf Ytd: 2.40 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
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Businesses & Trends
Atos Origin is a European IT services company specialised in managed operations (managed services, high tech transactional serv... Read More
Money Making
As a new reporting segment in 2009, Atos Worldline (previously included in managed operations) appears the main source of opera... Read More
Valuation
Atos Origin has implemented a restructuring plan focused on accelerating revenue growth and improving the operating margin. The... Read More
Analyst: Hélène Coumes
Concepts
Business concepts
  • Labour intensive
  • Asset light
  • Structural overcapacity
Investment Concepts
  • Acquisition based growth
  • Margin contraction
Story Trigger
  • M&A related
  • Management change
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