Quick Take: Atos – reading through reported liquidity

研报英文原文证据摘录

Quick Take: Atos – reading through reported liquidity

21 July 2026

Derric Marcon

+33 1 58 98 06 30

European Technology/Software derric.marcon@bernsteinsg.com

Atos Richard Nguyen

+33 1 42 13 54 22

Rating richard.nguyen@bernsteinsg.com

Underperform Specialist Sales

Price Target Kiran Shah, CFA

+44 20 3547 1533

ATO.FP 43.00 EUR kiran.shah@bernsteinsg.com

In accordance with the commitment made to its creditors in the 2024 accelerated safeguard

Close Date 20 Jul 2026

plan, the group publishes its liquidity position on a quarterly basis—20 days after the close of

ATO.FP Close Price (EUR) 30.20

the quarter—notwithstanding that half-year results are scheduled (30 July). The figures as of

Price Target (EUR) 43.00

end-June are skewed by the fact that the group raised new debt to repay existing debt (which

Upside/(Downside) 42%

had not been repaid by 30 June), thereby mechanically distorting its liquidity position. That

52-Week Range 63.24/26.73

said, as we found some of the figures interesting (though we will have to wait until 30 July for

EDME 1,587.83

the full picture regarding the FCF statement and net debt position), we thought it was worth

FYE Dec

taking the time to analyse them.

Div Yield NA

Net change in cash for 1H26: c. -€120m. In our view, the figures provided by the company Market Cap (EUR) (M) 596

regarding its net change in cash should not be considered a reliable proxy for 1H26 FCF, as EV (EUR) (M) 2,110

a number of cash items that will weigh on reported FCF are adjusted for in the calculation of Performance YTD 1M 6M 12M

the net change in cash, including the €153m reduction in advance payments and part of the Absolute (%) (39.8) (12.8) (43.8) 9.8

refinancing-related costs recognised during the period. That said, we observe that the net EDME (%) 8.0 0.6 6.2 17.5