(CercleFinance.com) – Atos lost more than 3% in Paris while Oddo BHF confirmed this morning its ‘underperformance’ rating on the stock, with an unchanged price target of 4.7 euros.
Yesterday, Atos presented a progress update on the sale of TFCo to EPEI. The company admits that negotiations are taking ‘longer than expected’, Oddo BHF reports.
The broker believes that the stagnation of discussions risks not reassuring lending banks.
‘Knowing that time is running out, Atos does not rule out using the legal protection mechanisms at its disposal to supervise discussions with its creditors,’ adds the broker.
Atos also clearly announced the need to reduce the size of the capital increase, the amount of which initially planned was 900 ME (including the 180 ME invested by EPEI).
In order to compensate for the reduction in size and capital increase, the company plans to sell assets, beyond the 400 ME plan already announced last August.
As such, the group intends to open a due diligence phase with Airbus, following an indicative offer for an enterprise value of €1.5 billion to €1.8 billion covering the entire BDS (Big Data & Security) scope.
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