(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion and its target price of 236 euros on Sopra Steria, deeming the agreement with the board of directors of Ordina for a cash offer for an amount of 526 million positive euros.
While it acknowledges that ‘some might consider the acquisition multiple too high compared to Sopra Steria’s current multiple’, the research department thinks that the price paid ‘seems reasonable after synergies and in view of the strategic interest of target’.
‘With such an operation, Sopra Steria will become a major player in the Benelux zone, which should enable it to implement the same strategy as in France and gradually achieve margins of more than 10% in the zone’, underlines the analyst.
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