Oddo BHF maintains its 'underperform' rating on Atos shares, with an unchanged target price of 4.7 euros.

Yesterday, Atos presented a progress report on the sale of TFCo to EPEI. The company admits that negotiations are taking 'longer than expected', reports Oddo BHF.
The broker believes that the stalling of discussions is unlikely to reassure lending banks.

Knowing that time is running out, Atos does not rule out using the legal protection mechanisms at its disposal to frame discussions with its creditors", adds the broker.

Atos has also clearly announced the need to reduce the size of the capital increase, initially planned at 900 ME (including the 180 ME invested by EPEI).

To compensate for the reduction in the size of the capital increase, the company plans to dispose of assets, over and above the 400 ME plan already announced last August.

In this respect, the group intends to open a due diligence phase with Airbus, following an indicative offer for an enterprise value of 1.5 MdE to 1.8 MdE for the entire BDS (Big Data & Security) perimeter.

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