Invest Securities maintains its neutral rating on Alten shares, while raising its target price from 126 to 144 euros.
The analyst believes that the stock delivered 'a strong performance in Q4, and has a reassuring short-term outlook with no signs of a slowdown'.
Nevertheless, Invest believes that 2023 is unlikely to be as exceptional as 2022 due to a number of factors (days invoiced, salary increases, disposal of the Agile business), and above all the Group is far from immune to the macro slowdown.
While we recognize the sector's best-in-class status, current market conditions are not conducive to buying," concludes the analyst firm.
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Alten is European's No. 1 high-technology consulting and engineering group. The group's services are supplied to technical departments and IT system departments at large industrial, telecom, and utility companies. The activity is organized into 3 areas:
- technology engineering and consulting services: studies, design, and execution of research and development projects for new products/systems, consulting services, project management assistance, etc.;
- development of network architectures: design of terminals and network equipment, deployment and operation of networks;
- development of information systems: implementation or redesign of information systems and development of specific applications.
Net sales break down by market into automotive and rail (20.9%), trade/services/media/public sector (18.4%), aeronautics and space (14.8%), industries (9.4%), banking/finance/insurance (9.1%), life sciences (8.3%), energy (7.3%), defense/security/maritime (6.5%) and telecoms (5.4%),
Net sales are distributed geographically as follows: France (31.9%), North America (11.9%), Germany (9%), Spain (9.1%), Asia-Pacific (7.9%), United Kingdom (7.7%) , Italy (7.7%), Benelux (5.6%), Scandinavia (4.4%), Eastern Europe (2.8%), Switzerland (1.5%) and others (0.5%).
ALTEN 
