Former Swiss National Bank Chair Named Adviser for Asset Manager Muzinich & Co
Jordan left Switzerland's central bank last year after almost three decades in various positions, including a 12-year tenure as chairman of the SNB's governing board. His term was marked by dramatic currency moves, unorthodox monetary policy, as well as a crisis at Credit Suisse—one of the alpine nation's biggest banks—followed by its acquisition by peer UBS.
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Release Date: August 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Atos SE (AEXAF) reported a stabilization of revenues at approximately $2 billion per quarter, indicating a steady financial performance. The company achieved a 15% organic growth in operating margin compared to the previous year, showcasing improved operational efficiency. Atos SE (AEXAF) successfully renegotiated a significant contract with a German automotive OEM, turning a previously loss-making contract into a profitable one. The restructuring plan, known as Genesis, is progressing well, with expectations to complete two-thirds of the plan by the end of the year. The company has strengthened its governance with the addition of a new board member, enhancing leadership and oversight. Negative Points Atos SE (AEXAF) reported a net income group share of minus 696 million, indicating significant financial challenges. The company's net debt increased to 1.7 billion, reflecting a higher leverage ratio of 4.0 times. The book-to-bill ratio remains below 100%, raising concerns about future revenue growth and contract renewals. The company incurred reorganization and rationalization charges totaling 379 million, impacting overall profitability. Atos SE (AEXAF) faces ongoing challenges with loss-making contracts, particularly in the UK, which continue to affect cash flow. Q & A Highlights Warning! GuruFocus has detected 5 Warning Signs with AEXAF. Q: Can you discuss the revenue trajectory for the rest of the year and any specific assumptions regarding demand and seasonality? A: Unidentified_1: We expect Q3 revenues to stabilize around $2 billion, slightly less than previous quarters, with an increase anticipated in Q4. The revenue stabilization is crucial, and we have successfully renewed over 90% of contracts. The pipeline is increasing, indicating potential growth in H2. Q: What are your expectations for free cash flow and restructuring cash outflows for the second half of the year? A: Unidentified_2: We aim to maintain cash in advance at similar levels to last year, around the 300 million mark, despite not actively seeking advance payments. Restructuring cash outflows will accelerate, with most restructuring expected to be completed by summer 2026. Q: Do you expect a significant improvement in your book-to-bill ratio in H2, and how confident are you in achieving organic growth next year? A: Unidentified_1: We anticipate the book-to-bill ratio to exceed 80% and aim for around 100% by Q4. The pipeline is increasing, and we are confident in achieving organic growth next year, supported by a strong restructuring plan that will enhance profitability regardless of top-line growth. Q: Can you provide details on the renewed contract in the automotive sector and its impact on revenue and profit? A: Unidentified_1: The renewed contract with a German OEM was previously at a negative margin. We have renegotiated it to a positive margin of around 10%, improving both revenue and profitability. This reflects our strategy to address loss-making contracts. Q: Are there any expected cash outflows related to litigation or loss-making contracts in the future? A: Unidentified_1: We do not anticipate significant cash outflows from litigation in H2. For loss-making contracts, we are actively working to reduce cash outflows, with one major contract expected to stop bleeding next year, and another being negotiated for termination. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
