(Boursier.com) — Atos fell further by almost 20% to 0.79 euros the day after the announcement of the selection of the financial restructuring offer led by Onepoint, with the support of Butler Industries and Econocom as well as a group of creditors financial of the company. This proposal plans to convert 2.9 billion euros of the 4.8 billion euros of existing debt into shares, while maintaining the scope of the group as part of a project called “OneAtos”.
For the Morgan Stanley teams cited by ‘Bloomberg’, the value of Atos is likely to be almost completely erased while the Onepoint rescue plan will massively dilute current shareholders. The bank, to ‘underweight’, cuts its target from 4.70 to 0.01 euros. This revision is based on the fact that the Onepoint consortium and its creditors are investing 250 million euros of new equity for a 30% stake, which implies a market value of 833 million euros. Following the recapitalization, existing shareholders are expected to hold less than 0.1% of the share capital, and, given 112 million shares outstanding, this suggests a reference price of 0.01 euros.
In a downside case, given uncertainty over free cash flow generation and high leverage, equity could be worth zero if enterprise value is not greater than liabilities, bank estimates . In a bullish case, valuing Atos with a multiple in line with the industry average and using the company’s free cash flow target for 2026, the stock could be worth €0.02.
Either way, current shareholders won’t have much left…
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