Invest Securities reiterates its buy rating on the stock with a price target lowered to 128 E (from 132 E), citing a modest recovery in momentum and a historically low valuation.
For the third consecutive time, Alten has exceeded Invest Securities' expectations. The analyst believes this Q1 2026 release primarily confirms that business activity has stabilized, particularly in Germany and the automotive sector.
'As is customary, management has unveiled cautious 2026 targets, but these also reflect this stabilization, with a slight rebound in profitability,' the brokerage noted.
Given the base of comparison and the working-day effect, the analyst continues to believe a slight recovery is possible in H2 2026, though it will take several months before this can be confirmed.
'In light of the current valuation, which does not require aggressive expectations, we are slightly reducing our 2026-28e EPS forecasts (-2.6%/-2.0%/-1.6%), while remaining above guidance,' Invest Securities added.
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 Commerce, services and public sector (16.4%), aerospace (15.5%), automotive (15.2%), energy (11.9%), defense/ security /maritime (8.8%), banking/ finance/insurance (8.8%), industrials (8.5%), life sciences (7.7%), telecommunications (4.5%), and rail (2.7%).
Net sales are distributed geographically as follows: France (34.6%), Spain (11.3%), North America (10.6%), Asia/Pacific (8.2%), Italy (8.5%), Germany (7.4%), United Kingdom (6.1%), Benelux (4.9%), Scandinavia (3.2%), Eastern Europe (3.5%), Switzerland (1.1%), and other (0.6%).
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