(Boursier.com) — Alten rose 2.2% this Friday to 113 euros, while Bryan Garnier returned to the ‘conviction to buy’ file, while adjusting his target price from 178 to 159 euros.
The group unveiled a strong increase in half-year results, the pace of activity remaining “very sustained”… The operating profit from activity thus amounted to 208.6 million euros over the first 6 months of the year. year, a leap of 52.1% over one year, for revenues of 1.86 MdE (+30.9%).
Business growth was +18.4% in France and +38% internationally. At constant scope and exchange rates, growth was 19.8% (14.5% in France and 22.8% outside France). All business sectors are growing and have exceeded their pre-crisis level, including Civil Aeronautics and Automotive. Most geographic areas are showing strong organic growth, above 15%. Only Scandinavia and Switzerland (7% of turnover in total) have growth of less than 5%.
The significant improvement in the activity rate, the strong growth of the international business, which is more profitable, and the rigorous management of structural costs enabled the operating margin to increase to 11.4% despite the evolution of salaries (9, 8% in June 2021). After taking into account the tax charge for 48.3 ME, the net income, Group share amounted to 139 ME.
Cash flow (excluding IFRS16) stood at €213.8 million, up 51% compared to June 2021. Working capital requirement increased by €154.6 million due to the strong increase in activity and seasonality. The DSO is also progressing. Capex represents 11 ME. As a result, the free cash flow amounts to 1.1 ME. Alten has self-financed its internal and external growth and its dividends and has an intact investment capacity (gearing: -4.1%).
While the first half of 2022 was a continuation of 2021, Alten should achieve satisfactory organic growth and operating margin in the second half of the year and will continue its targeted external growth strategy, specifies the group’s management…
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