Invest Securities has reiterated its 'buy' rating and 268 euro price target on Sopra Steria, having reviewed the IT services group's transaction with Axway and Sopra GMT, and having had discussions with the company.

"We feel, contrary to the independent expert's opinion, that the price paid for 80% of SBS could have been more generous, as the improvement in profitability by 2027-28 is only partially integrated", the analyst judges.

Nevertheless, he considers that the strategic rationale of the operation largely prevails, with management now able to focus exclusively on services, and a cash inflow that will enable the company to pursue its development through external growth.

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