(CercleFinance.com) – Atos shares suffered the biggest drop in the SBF 120 index on Tuesday following the presentation of the broad outlines of its financing needs, a project which confirms the prospect of strong dilution for existing shareholders.
The group revealed this morning the parameters of its refinancing plan, notably estimating at 600 million euros the liquidity necessary to finance its activity over the period 2024-2025, in the form of debt or equity.
The roadmap also includes 300 million euros of new revolving credit lines, as well as 300 million additional bank guarantee lines.
According to Invest Securities analysts, all these figures highlight a restructuring which promises to be ‘massive’ given a market capitalization which has now fallen to 250 million euros.
In the meantime, Atos announced that it had obtained financing of 450 million euros from its creditors and the State in order to finance its activity until the implementation of its financial restructuring.
‘In all cases, the restructuring plan will lead to massive dilution of shareholders, with an intrinsic value per share much lower than the current share price’, add the Oddo BHF teams.
Another reason for concern according to the private bank, the recovery plan envisaged by the group highlights ‘highly ambitious’, even ‘aggressive’ objectives.
Atos declared this morning that it had set itself the objective of achieving a turnover of 11.4 billion euros by 2027, representing average annual growth of 3.1% over the period 2023-2027. , banking on a resumption of its commercial activities from the end of 2024.
The operating margin is expected at 10.3% of turnover in 2027, with free cash flow (FCF) after interest and taxes envisaged at 500 million euros, an improvement of 900 million compared to to 2024.
Around 11:00 a.m., Atos shares fell by more than 9%, erasing half of its gains from the day before, linked to the prospect of a rescue plan for OnePoint, now associated with the investment company Butler Industries.
Copyright © 2024 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends using the buttons below.
