Atos SE (ATO) Notes
July 21, 2022 Update
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French IT conglomerate with an ADR.
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Going to be spinning off their Digital, Big Data, and Security businesses into a company called Evidian.
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Timing: Second half of 2023 but I wouldn’t be surprised if it slipped into 2024 (french company, bureaucratic, etc.)
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Spin-off business had 5% organic revenue growth in 2021 and is expecting 8% in 2022.
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RemainCo looks like a bit of a disaster.
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Kind of a mess. Horrible chart but probably real value there if they ever get to spin-off.
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Questions/Strategy:
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Wait until closer to spin-off data to see if progress is being made and fundamentals have improved.
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SOTP story so there will be a lot of time to wait.
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