Joseph Oughourlian buys 4.2% de Indra one week ahead of its AGM

IndraIndra signs accord with Airways New Zealand

Intermoney | Joseph Oughourlian (CEO de Amber Capital) has bought 4.2% of Indra (IDR) one week before the group’s AGM. In our view, the move is aimed at obtaining “independent” support to grant executive powers to the current chairman Marc Mutra. He has the backing of SEPI (25%, with authorisation to reach 28%).

Valuation: we believe Indra’s potential could be undermined if with SEPI’s increase the handover of executive powers to the chairman is completed, and shareholder value is destroyed in a possible entry in ITP. Our recommendation for Indra is Buy (Target Price 12 euros/share).

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