ASSeMbLeRS
Atos forecasts modest 2008
Mkt cap
Price (4
% month
) P/E ratio
20.01.08 - 20.02.08
change 4m
French IT services group Atos Origin, which is under pressure from its main
Gericom 0.65 -16 7 -
shareholders to seek alliances, posted underlying sales growth of 4.3% in 2007,
beating its own outlook. Its shares languished in negative territory on Thursday
Cibox 0.23 -32 23 - morning amid a weak market but the company insists its much-discussed
‘transformation plan’ is already reaping dividends. Operating margin remains
Lintec 0.65 -8 3 -
4.6% of revenues, but year-on-year sales growth sees the total rise to €272m
Maxdata 1.73 -12 50 -
from €247m. Atos has also turned around last year’s €160m operating loss and
generated operating income of €137m during ‘07. Net income has improved
Medion 17.92 21 881 from 2006’s net loss of €264m to €48m.
Transtec 3.50 -5 13 70
The largest growth came in the managed operations field, where Atos accrued
Olidata 1.02 21 35 -
a further €50m in operating margin. The total operating margin for 2007
managed operations stands at €274m, 8.5% of revenues in that division. The
Optimus 0.73 -10 116 - operating margin in systems integration is up from 3.1% in 2006 to 4.1% of
revenues in 2007, a total of €91m. But operating margin is down €19m year-
RM (£) 2.78 3 258 14
on-year to €18m in the consulting sector, which the company blamed on
“ramp-downs of contracts in the United Kingdom and in France.” The 3o3
transformation plan accounted for €24m in costs.
DISTRIbUTORS % month Mkt cap
Price (4) /E ratio
20.01.08 - 20.02.08
change 4
P
m
Atos only managed 2% year-on-year organic growth in France, while the figure
of 0.7% in the UK is even more modest. Sales in the Netherlands are up 3.1%;
Groupe Open 9.47 23 103 26
2.4% in Germany and central Europe. The picture for the rest of EMEA is rather
Computerlinks 12.38 4 83 9
better, with sales rising 45% over the 2006 total to €1.07bn. CEO Philippe
Germond is not getting too ambitious for 2008 - he expects organic sales
MuM 5.40 7 68 17
growth to falter at 4%, although he is concentrating on getting Atos’ net debt
Esprinet 6.65 13 348 11
down from €338m down by €100m.
IT Way 6.47 -8 29 26
“2007 was a very active year: the implementation of the 3o3 transformation
Datatec 2.40 -6 408 10
plan, the strengthening of the management team, the disposal of Italy, the
agreement to sell our stake in Atos Euronext Market Solutions and for the
Scribona 0.43 -2 34 -
first time a proposed dividend to the shareholders are only a few examples.
We have now established the foundations that will allow us to improve
ALSO 38.39 3 232 -
competitiveness, and to increase substantially our profitability,” says Germond.
COS 14.57 2 28 -
Q3 revenues are up 7.7% year-on-year at German reseller PC-Ware, with
Arena 0.11 -3 81 -
sales reaching €266.9m. The total for the nine-month period (€592m) has also
ASBIS (£) 2.04 0 113 15
bettered 2006 by 6.8%. Q3’s EBITDA stands at €8.8m, an annual increase of
€20.3m, while the nine-month figure is €14.3m (up 27.2%). The consulting and
DCC Group (£) 16.68 -7 1345 11
services division grew the fastest during the third quarter, up 50.8%. Business
Fayrewood (£) 1.54 -3 36 11
went pretty well outside of Germany, with the subsidiaries in Denmark (+67.8
%), the Czech Republic (+67.8 %) and Finland (+56.3 %) putting in particularly
Horizon Group (£) 0.46 10 38 5
strong performances. Although Q4 is “generally considered to be less buoyant”
than other periods, the firm expects a strong final quarter and plans to reach
annual revenues of €760m. PC-Ware has also reaffirmed its EBITDA forecast of
Northamber (£) 0.70 -8 20 15
€16m to €18m for the annual period.
Anixter 47.49 29 1780 12
When it made its plans five years ago, Sopra Group proposed a billion euro
Arrow 22.78 9 2832 10
sales target, and it has just hit he magic number thanks to organic growth
Avnet 23.13 9 3478 11
of 9.4% in 2007 and total growth of 11.6%, which changes the sales turnover
to €1,001m. The growth even accelerated in the last quarter, with 12.8% from
Bell Micro 2.72 -32 88 -
organic growth and 15.6% of total growth.
Ingram Micro 11.27 -3 1944 11
Consultancy activity increased by 7.1% in 2007 with a sales turnover of €43.9m.
Tech Data 22.67 0 1257 19 Systems integration rose 11.1% to €597.5m with the acquisition of Interface in
August 2007. The year also saw the acquisitions of Methosystem in Italy in July
and International Architects Business in Belgium in October. Lastly, Axway saw
its sales turnover increase by 24% to €145.1m, with 12% organic growth.
S
ource: Thomson Financial Datastream
26 29 feb 2008
It0804 - 26-31_financials.indd 26 27/02/2008 10:29:40
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