Financials Alten

Equities

ATE

FR0000071946

IT Services & Consulting

Market Closed - Euronext Paris Other stock markets 11:35:24 2024-04-29 am EDT			5-day change	1st Jan Change
112.2 ^EUR	-1.75%		-13.36%	-16.64%

Apr. 26	Alten: slight increase in activity in Q1	CF
Apr. 16	VGP Completes Second Phase of Property Transfers to Deka Immobilien JV	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,789	3,123	5,375	3,966	4,648	3,889	-	-
Enterprise Value (EV) ¹	3,763	3,010	5,155	3,786	4,607	3,514	3,285	3,125
P/E ratio	23.2 x	32.4 x	26.3 x	8.84 x	20 x	13.4 x	12.2 x	11.9 x
Yield	-	1.08%	0.63%	1.28%	-	1.45%	1.53%	1.16%
Capitalization / Revenue	1.44 x	1.34 x	1.84 x	1.05 x	1.14 x	0.91 x	0.85 x	0.81 x
EV / Revenue	1.43 x	1.29 x	1.76 x	1 x	1.13 x	0.83 x	0.72 x	0.65 x
EV / EBITDA	11.9 x	15 x	13.1 x	8.04 x	10.1 x	7.29 x	6.08 x	5.39 x
EV / FCF	19.3 x	10.1 x	32.6 x	25.5 x	31.4 x	12.3 x	11 x	10.7 x
FCF Yield	5.19%	9.87%	3.07%	3.93%	3.18%	8.16%	9.07%	9.37%
Price to Book	3.4 x	2.58 x	3.78 x	2.17 x	-	1.69 x	1.5 x	1.34 x
Nbr of stocks (in thousands)	33,679	33,705	33,913	33,956	34,533	34,660	-	-
Reference price ²	112.5	92.65	158.5	116.8	134.6	112.2	112.2	112.2
Announcement Date	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,624	2,332	2,925	3,783	4,069	4,259	4,574	4,774
EBITDA ¹	316	201.1	392.3	470.7	454.5	481.8	540.5	579.2
EBIT ¹	255.5	142.4	319.9	389.9	350.5	393.3	443	463
Operating Margin	9.74%	6.11%	10.93%	10.31%	8.62%	9.24%	9.69%	9.7%
Earnings before Tax (EBT) ¹	240.9	134.7	286.5	595.1	320.1	393.2	432.3	-
Net income ¹	164.2	98	207.8	457.6	233.2	278.2	314.5	324.8
Net margin	6.26%	4.2%	7.1%	12.1%	5.73%	6.53%	6.88%	6.8%
EPS ²	4.840	2.860	6.030	13.21	6.740	8.380	9.220	9.430
Free Cash Flow ¹	195.3	296.9	158.1	148.7	146.6	286.7	298	292.8
FCF margin	7.44%	12.73%	5.4%	3.93%	3.6%	6.73%	6.52%	6.13%
FCF Conversion (EBITDA)	61.8%	147.65%	40.3%	31.59%	32.26%	59.52%	55.14%	50.56%
FCF Conversion (Net income)	118.92%	302.98%	76.08%	32.5%	62.86%	103.08%	94.76%	90.17%
Dividend per Share ²	-	1.000	1.000	1.500	-	1.621	1.716	1.300
Announcement Date	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2023 Q2	2023 S1	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	1,240	1,395	794.8	894.6	931.3	1,826	1,012	2,048	1,079	1,030	1,033	1,077
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	144.1	75.2	137.1	-	-	-	208.6	-	188	-	-	-	-
Operating Margin	-	6.06%	9.83%	-	-	-	11.42%	-	9.18%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	89.28	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	6.4%	-	-	-	-	-	-	-	-	-	-
EPS	-	-	2.590	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/18/20	9/22/20	9/22/21	2/22/22	4/27/22	7/27/22	7/27/22	7/27/23	7/27/23	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	25.6	113	220	180	41.5	375	604	764
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	195	297	158	149	147	287	298	293
ROE (net income / shareholders' equity)	15.8%	8.42%	15.8%	28.1%	13.2%	13.3%	13%	12.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	33.10	35.90	41.90	53.90	-	66.30	74.70	83.80
Cash Flow per Share ²	7.170	4.040	10.00	6.960	-	9.560	13.00	-
Capex ¹	29.2	10.5	16.3	26	20.6	29	31.9	31.2
Capex / Sales	1.11%	0.45%	0.56%	0.69%	0.51%	0.68%	0.7%	0.65%
Announcement Date	2/18/20	2/23/21	2/22/22	2/24/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Alten

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

112.2 EUR

Average target price

157.4 EUR

Spread / Average Target

+40.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
ALTEN	-16.64%	4.21B
ACCENTURE PLC	-13.61%	194B
TATA CONSULTANCY SERVICES LTD.	+2.02%	166B
IBM	+2.37%	153B
AUTOMATIC DATA PROCESSING, INC.	+4.71%	99.85B
RELX PLC	+5.88%	77.56B
CROWDSTRIKE HOLDINGS, INC.	+19.08%	73.55B
INFOSYS LIMITED	-7.01%	71B
SNOWFLAKE INC.	-20.88%	52.81B
HCL TECHNOLOGIES LIMITED	-5.37%	47.86B

Other IT Services & Consulting