On Tuesday, Atos shares suffered the biggest drop in the SBF 120 index following the presentation of the broad outlines of its financing requirements, a project which confirms the prospect of significant dilution for existing shareholders.

This morning, the Group unveiled the parameters of its refinancing plan, evaluating in particular the 600 million euros of liquidity required to finance its activity over the period 2024-2025, in the form of debt or equity.

The roadmap also includes 300 million euros in new revolving credit lines, as well as 300 million in additional bank guarantees.

According to analysts at Invest Securities, all these figures highlight what promises to be a "massive" restructuring, given the company's market capitalization, now down to 250 million euros.

In the meantime, Atos has announced that it has secured 450 million euros in financing from its creditors and the French government, in order to finance its business until the implementation of its financial restructuring.

In any event, the restructuring plan will result in massive shareholder dilution, with an intrinsic value per share well below the current share price", add the teams at Oddo BHF.

Another cause for concern, according to the private bank, is that the turnaround plan envisaged by the group highlights "highly ambitious", even "aggressive" objectives.

Atos said this morning that it had set itself the target of achieving sales of €11.4 billion by 2027, representing average annual growth of 3.1% over the period 2023-2027, banking on a recovery in its commercial activities from the end of 2024.

The operating margin is expected to reach 10.3% of sales in 2027, with free cash flow (FCF) after interest and taxes forecast at 500 million euros, an improvement of 900 million compared with 2024.

At around 11:00 am, Atos shares were down more than 9%, erasing half of the previous day's gains, linked to the prospect of a rescue plan for OnePoint, now associated with investment firm Butler Industries.

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