Atos: double separation – 06/17/2022 at 08:02


The title of the IT group plunged 76% over one year. (© Woicik)

The managing director is already leaving the IT group, which is considering a split.

Never two without three. In less than three years, the computer giant has recorded its third departure in a row as a leader.

Arrived at the beginning of the year at the head of Atos to replace Élie Girard, who had himself succeeded the emblematic Thierry Breton, Rodolphe Belmer has just resigned.

Party too, a priori, against a background of dissension with the board of directors, the current managing director will leave the group in September. Barely enough time to begin the split process that has been launched. Atos is studying the possibility of a separation into two listed companies at the end of 2023.

By this time, its shareholders would receive 70% of the capital of Evidian, a new company with 4.9 billion euros in revenue – i.e. nearly half of Atos – which brings together the most dynamic and profitable businesses (digital, cybersecurity and supercomputers).


then intends to sell its 30% stake in Evidian to finance its necessary restructuring. Refocused on outsourcing activities in accelerated decline with the switch to cloud computing (remote computing), the historic entity, which achieved 5.4 billion euros in turnover in 2021, should not resume with operating profitability before 2025, and growth before 2026.

Another disappointment

This project seems on the wrong track to create value for Atos shareholders. However, this had largely been the case during the separation of the payment specialist


in which the group has just symbolically sold its remaining 2.5% stake.

The simultaneous announcement of the split, the departure of Rodolphe Belmer and yet another disappointment over the outlook sent the stock plummeting by 23.3% on 14 June.

Falling to a thirteen-year low, Atos’ share price has been divided by eight since we recommended selling the share in March 2018. We remain negative on the value, whose weakened balance sheet is starting to cause concern.

Sell ​​Atos stock [ATO]. Price target: 13 euros.

Investment profile: speculative.

Next meeting: half-year results, July 27.


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