Listed companies are no longer afraid to evolve their business scopes: divesting activities, or even splitting. Anything is good to increase the value of the parent company.
Atos: risky project to divest Tech Foundations
The IT group must also raise funds to refocus on Eviden.
Contested from all sides, the project to divest Tech Foundations to Daniel Kretinsky for 100 million euros (excluding the assumption of liabilities for 1.9 billion) still needs to receive the approval of the IT group’s shareholders at the general assembly, which has been postponed to the beginning of the second quarter of 2024.
Massive dilution expected Beyond the acquisition of deficit-generating outsourcing activities, the Czech billionaire must also become the largest shareholder of the future Eviden, which will bring together Atos’s most promising and profitable businesses (digital services, cybersecurity, and supercomputers), with 7.5% of the capital.
He must participate in a capital increase of 900 million euros, potentially very dilutive while Atos is worth less than 600 million in the stock market.
Historical low This capital raising may not be enough, as Eviden, already indebted, will finance the working capital of Tech Foundations up to one billion euros before its potential sale. Due to lack of visibility, we remain on the sidelines of the stock, which is close to its historical low.
Reminder of our advice: sell. [ATO]
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Sodexo
The collective catering and corporate services group wants to list its benefits and rewards division, including meal vouchers. Named Pluxee, this new entity is expected to join Euronext’s stock exchange next year. This operation aims to reveal the hidden value of Pluxee.
Hold. [SW]
