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Indra Sistemas

  IDR SM

IT Services-Consultancy, Aerospace/...
 /  Spain 
High financing needs: lower prepayments, generous dividend policy.
Updates
18/08/2010EPS change
Change in EPS2010 : € 1.14 vs 1.17-2.20 %
2011 : € 1.23 vs 1.31-6.36 %

We slightly downgraded our 2010 EPS estimates due to the poorly-oriented Spanish market which represents more than 60% of Group revenue. Taking into account guidance given by management (a 2% revenue growth and a recurrent EBIT-margin of 11.4%), 2010 revenue and EBIT (including restructuring costs) are revised downwards by 1% and c.1.5% respectively. In addition, we revisited the change in WCR and modified our estimates on operating flows with lower prepayments on contracts leading to upper net debt at year-end 2010.

High financing needs: lower prepayme...
30/07/2010Earnings/sales releases
H1 2010: the worst did not happen de...
14/05/2010Latest
This update does not correspond to a ...
14/05/2010Earnings/sales releases
Q1 2010: there was a significant growt...
14/04/2010Latest
Currently, our “2009E” figures reflect t...
26/02/2010Earnings/sales releases
2009 earnings: Indra Sistemas achiev...
13/11/2009Earnings/sales releases
9m 09: in a tough IT environment, Indr...
30/07/2009Latest
Indra Sistemas’ revenue and earnings...
15/05/2009Latest
Q1 09 results: Indra Sistemas perform...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 15.1 13.0
Dividend yield (%) 3.61 4.19
EV/EBITDA (x) 9.23 8.31
AlphaValue EPS (€) 1.12 1.21
Dividend (€) 0.61 0.66
Sales (€M) 2,380 2,513
EBITDA (€M) 303 324
Attributable net profit (€M) 182 196
ROE (after tax) (%) 24.7 22.8
ROCE (%) 16.7 16.1
Gearing (%) 19.2 15.2
Next Div. Indic € 0.67 payment
Target
Price (€) 13.6
Target Price (€)
Market Cap (€M) 2,266
Perf. 1W: 3.50 %
Perf. 1M: 6.03 %
Perf. 3M: -2.61 %
Perf Ytd: -17.3 %
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
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Businesses & Trends
Indra Sistemas is the leading Spanish IT services company with 26,175 employees (o/w c.73% in Spain) at year-end 2009. It delive... Read More
Money Making
Indra Sistemas outperformed the IT industry in delivering average annual growth of 11-12% (on a constant perimeter) and a high op... Read More
Valuation
Despite the poor economic situation in Spain, management maintained satisfactory guidance for FY 2010: +2% for revenue, recurr... Read More
Analyst: Hélène Coumes
Concepts
Business concepts
  • Labour intensive
  • R&D driven
  • Tech story/high growth
  • Asset light
  • Structural overcapacity
Investment Concepts
  • Acquisition based growth
  • Order book story
  • Margin contraction
Story Trigger
  • M&A related
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