Stock Analysis Report

Executive Summary

Atos SE provides information technology services and solutions worldwide.


Trading at 3.6% below its fair value

Earnings are forecast to grow 13.3% per year

Earnings have grown 16.8% per year over the past 5 years

Risk Analysis

Has a high level of debt

Unstable dividend track record

Large one-off items impacting financial results

Snowflake Analysis

Good value with adequate balance sheet.

Similar Companies

Share Price & News

How has Atos's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: AEXA.F has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return






US Market

1 Year Return






US Market

Return vs Industry: AEXA.F underperformed the US IT industry which returned 37.4% over the past year.

Return vs Market: AEXA.F underperformed the US Market which returned 19.4% over the past year.

Shareholder returns

7 Day0%2.1%0.06%
30 Day1.6%4.6%1.1%
90 Day10.0%14.9%8.9%
1 Year-5.9%-5.9%38.8%37.4%21.9%19.4%
3 Year-22.3%-22.3%111.5%102.4%48.9%39.3%
5 Year23.0%23.0%147.5%125.5%71.9%53.1%

Price Volatility Vs. Market

How volatile is Atos's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Atos undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: AEXA.F ($88.11) is trading below our estimate of fair value ($91.42)

Significantly Below Fair Value: AEXA.F is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: AEXA.F is good value based on its PE Ratio (15.3x) compared to the IT industry average (33.1x).

PE vs Market: AEXA.F is good value based on its PE Ratio (15.3x) compared to the US market (18.3x).

Price to Earnings Growth Ratio

PEG Ratio: AEXA.F is poor value based on its PEG Ratio (1.1x)

Price to Book Ratio

PB vs Industry: AEXA.F is good value based on its PB Ratio (1.3x) compared to the US IT industry average (4.3x).

Next Steps

Future Growth

How is Atos forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AEXA.F's forecast earnings growth (13.3% per year) is above the savings rate (1.7%).

Earnings vs Market: AEXA.F's earnings (13.3% per year) are forecast to grow slower than the US market (14.2% per year).

High Growth Earnings: AEXA.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: AEXA.F's revenue (1.8% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: AEXA.F's revenue (1.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AEXA.F's Return on Equity is forecast to be low in 3 years time (12.9%).

Next Steps

Past Performance

How has Atos performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AEXA.F has a large one-off loss of €282.0M impacting its June 30 2019 financial results.

Growing Profit Margin: AEXA.F's current net profit margins (4.4%) are lower than last year (4.9%).

Past Earnings Growth Analysis

Earnings Trend: AEXA.F's earnings have grown by 16.8% per year over the past 5 years.

Accelerating Growth: AEXA.F's earnings growth over the past year (4%) is below its 5-year average (16.8% per year).

Earnings vs Industry: AEXA.F earnings growth over the past year (4%) underperformed the IT industry 12%.

Return on Equity

High ROE: AEXA.F's Return on Equity (10.2%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Atos's financial position?

Financial Position Analysis

Short Term Liabilities: AEXA.F's short term assets (€6.6B) exceed its short term liabilities (€6.0B).

Long Term Liabilities: AEXA.F's short term assets (€6.6B) exceed its long term liabilities (€6.4B).

Debt to Equity History and Analysis

Debt Level: AEXA.F's debt to equity ratio (75.7%) is considered high.

Reducing Debt: AEXA.F's debt to equity ratio has increased from 19.6% to 75.7% over the past 5 years.

Debt Coverage: AEXA.F's debt is well covered by operating cash flow (28.9%).

Interest Coverage: AEXA.F's interest payments on its debt are well covered by EBIT (15.7x coverage).

Balance Sheet

Inventory Level: AEXA.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: AEXA.F's debt is covered by short term assets (assets are 1.3x debt).

Next Steps


What is Atos's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: AEXA.F's dividend (2.1%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: AEXA.F's dividend (2.1%) is low compared to the top 25% of dividend payers in the US market (3.7%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, AEXA.F has been paying a dividend for less than 10 years.

Growing Dividend: AEXA.F's dividend payments have increased, but the company has only paid a dividend for 9 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32%), AEXA.F's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: AEXA.F's dividends in 3 years are forecast to be well covered by earnings (20.2% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Elie Girard (41yo)




Mr. Elie Girard has been Chief Executive Officer of Atos S.E. since November 1, 2019. He served as Deputy CEO at Atos S.E. since March 2019 until November 1, 2019. He had been the Chief Financial Officer o ...

Leadership Team

Elie Girard
Chief Executive Officer0.3yrsno datano data
Uwe Stelter
Chief Financial Officer0.3yrsno datano data
Eric Grall
Head of Infrastructure & Data Management and Senior EVP of Global Operations1.1yrsno datano data
Sophie Proust
Chief Technology Officer1yrsno datano data
Gilles Arditti
Head of Investor Relations & Financial Communications4.6yrsno datano data
Alexandre Menais
General Secretary and Head of M&A3.1yrsno datano data
Marc Meyer
Head of Executive & Talent Management6.1yrsno datano data
Philippe Mareine
Sr. EVP6.1yrsno datano data
Peter Jong
Head of Benelux & The Nordics3.6yrsno datano data
Jean-Marie Simon
Group Head of Institutional Relations0yrsno datano data


Average Tenure


Average Age

Experienced Management: AEXA.F's management team is considered experienced (3.1 years average tenure).

Board Members

Pierre Barnabé
Senior EVP and Head of Big Data & Cyber Security0.3yrsno datano data
Nicolas Bazire
Independent Director11yrs€45.50k0.00096% 87.9k
Bertrand Meunier
Non-Executive Chairman0.3yrs€49.25k0.00092% 84.3k
Vernon Sankey
Independent Director11yrs€48.50k0.00092% 84.3k
Keith Wilman
Chairman of UK & Ireland8.1yrsno datano data
Colette Neuville
Independent Director9.8yrs€39.50k0.00093% 85.2k
Lynn Paine
Independent Director6.8yrs€41.75k0.00092% 84.3k
Roland Busch
Director8.6yrs€32.00k0.00092% 84.3k
Jean Fleming
Director10.8yrs€35.00k0.0013% 117.2k
Aminata Niane
Lead Independent Director0.8yrs€41.00k0.00093% 85.2k


Average Tenure


Average Age

Experienced Board: AEXA.F's board of directors are considered experienced (8.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Atos SE's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Atos SE
  • Ticker: AEXA.F
  • Exchange: OTCPK
  • Founded: 1982
  • Industry: IT Consulting and Other Services
  • Sector: Software
  • Market Cap: €8.484b
  • Listing Market Cap: €9.159b
  • Shares outstanding: 108.63m
  • Website: https://www.atos.net

Number of Employees


  • Atos SE
  • River Ouest
  • 80 Quai Voltaire
  • Bezons
  • Ile-de-France
  • 95877
  • France


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATOENXTPA (Euronext Paris)YesBearer SharesFREURJan 1992
AXIDB (Deutsche Boerse AG)YesBearer SharesDEEURJan 1992
0DNHLSE (London Stock Exchange)YesBearer SharesGBEURJan 1992
AEXA.FOTCPK (Pink Sheets LLC)YesBearer SharesUSUSDJan 1992
ATOPBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURJan 1992
ATOWBAG (Wiener Boerse AG)YesBearer SharesATEURJan 1992
AXIETLX (Eurotlx)YesBearer SharesITEURJan 1992


Atos SE provides information technology services and solutions worldwide. It offers infrastructure and data management services, including cloud services and digital workplace services, business and platform solutions, big data, and cybersecurity products and services, as well as transactional services. The company’s solutions include automated help and interaction centers, cloud and mobile solutions, unified communications and collaboration tools; Atos Codex, a suite of business-driven analytics and IOT solutions and services; business process outsourcing; business and platform solutions for mobile apps and devices, as well as SaaS integration; and computing platforms, security solutions, software appliances, and services. It also offers payments and transactional services. The company primarily operates under the Atos, Atos Consulting, Atos Worldgrid, Bull, Canopy, Unify, and Worldline brands. It serves aerospace, defense, financial services, health, manufacturing, media, utilities, public sector, retail, telecommunications, and transportation sectors. Atos SE was incorporated in 1982 and is headquartered in Bezons, France. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 01:18
End of Day Share Price2020/02/13 00:00
Annual Earnings2018/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.