Invest Securities indicates that it is under review on the Atos share.

The analyst believes that management has shown transparency in presenting (i) a detailed 2024-27th business plan on a scope including BDS and Tech Foundations and (ii) the 2024-25 financing requirements (600mE in cumulative terms) and the financial structure that the company would be able to support (less than 2x EBITDA including the 1.8MdE of WCR optimization).

Each of the parties involved (shareholders, banks, bondholders, etc.) will therefore seek to impose the least unfavorable solution, bearing in mind that everyone will have to make an effort, given that recapitalization could represent 2.4 billion euros in the central scenario," points out Invest Securities.

While we include in our estimates more or less the business plan presented by management, it is still impossible for us to give an opinion on a target neck, as we do not know the financial terms (final amount and number of shares created) that will be adopted' adds the research firm.

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