Invest Securities maintains its Buy rating on Alten shares, with a price target raised from €148 to €160.
The analyst reports that while the mid-January publication of sales for 2023 was reassuring as to the company's 2024 growth trajectory, Friday's presentation of annual results did not provide any new information.
As a result, we'll have to wait a few months to quantify our 2024 objectives (satisfactory organic growth and improved EBITA margin), according to the brokerage firm.
'On the M&A front, 2024 should be richer than 2023 (the CEO is confident of acquisitions representing 2,000 engineers and 100mE of full-year sales), even if competition from PE funds is fierce', the broker analyzes.
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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%), trade/services/media/public sector (18.4%), aeronautics and space (13.6%), banking/finance/insurance (10.4%), energy (8.8%), life sciences (8.7%), telecoms (5.6%), defense/security/maritime (5.5%), industries (5.4%) and electronics (4.2%).
Net sales are distributed geographically as follows: France (31.1%), North America (14.8%), Germany (8.7%), Spain (8.6%), Asia/Pacific (8.4 %), the United Kingdom (7%), Italy (6.6%), Benelux (5.2%), Scandinavia (4.9%), Eastern Europe (2.3%), Switzerland (1.7%) and other (0.7%).
ALTEN 
