Core Insights - Atos has been awarded the Golden Certificate by SAP, marking the 10th consecutive certification as a Global Operations Partner, highlighting a strong and enduring partnership [1][4] - Atos is recognized as a SAP Platinum Partner with over 10,000 SAP experts globally, showcasing its extensive expertise and flexible delivery capabilities [2] - The certification reflects Atos's commitment to exceeding customer expectations and strengthening its partnership with SAP [4][5] Company Overview - Atos Group operates with approximately 72,000 employees and generates annual revenue of around €10 billion, functioning in 68 countries under the Atos and Eviden brands [6] - The company is a leader in cybersecurity, cloud services, and high-performance computing, focusing on secure and decarbonized solutions [6][8] Service Areas - Atos has renewed its certification in five core business areas, including Global SAP S/4HANA solutions operations and Global SAP SuccessFactors solutions operations [2][7] - The company supports customers through end-to-end services, from strategy and implementation to ongoing service innovation and management [5]

Core Viewpoint - The Federal Reserve is maintaining a cautious stance regarding interest rate cuts due to concerns over inflationary pressures from tariffs imposed by President Trump, leading to uncertainty in the market [1][5][6]. Federal Reserve Meeting Insights - The minutes from the latest Federal Reserve meeting indicate that most officials are not in a hurry to implement an immediate rate cut, suggesting a wait-and-see approach [2][5]. - A delay in rate cuts could lead to increased volatility in the stock market [2][7]. - Most participants believe that any inflationary impact from tariffs will be temporary or modest, and there is no urgency for rate cuts in the near term [6]. Investment Recommendations - Given the current uncertainty, it is advisable to invest in defensive stocks from the utility and consumer staples sectors, which are considered safe havens [3][11]. - Recommended stocks include: - **Atmos Energy Corporation (ATO)**: Expected earnings growth rate of 6%, Zacks Rank 2, beta of 0.70, and a dividend yield of 2.27% [9]. - **Fortis, Inc. (FTS)**: Expected earnings growth rate of 3.8%, Zacks Rank 2, beta of 0.48, and a dividend yield of 3.81% [13]. - **Colgate-Palmolive Company (CL)**: Expected earnings growth rate of 1.7%, Zacks Rank 2, beta of 0.37, and a dividend yield of 2.27% [15]. - **The Coca-Cola Company (KO)**: Expected earnings growth rate of 3.1%, Zacks Rank 2, beta of 0.45, and a dividend yield of 2.94% [17]. Stock Characteristics - The recommended stocks are characterized by low beta (greater than 0 but less than 1), high dividend yields, and favorable Zacks Ranks, making them attractive in the current market environment [4][11].

Core Viewpoint - Atmos Energy Corporation (ATO) is positioned to benefit from increasing natural gas demand, supported by a growing customer base and planned investments to enhance pipeline reliability and operational performance [1][2]. Growth Outlook & Financial Performance - The Zacks Consensus Estimate for fiscal 2025 earnings per share (EPS) has risen by 0.3% to $7.24 over the past 60 days [3]. - Fiscal 2025 sales are projected at $4.80 billion, reflecting a year-over-year increase of 15.3% [3][8]. - ATO's long-term earnings growth rate is estimated at 7.2%, with an average earnings surprise of 2.59% over the last four quarters [3]. Investment Returns - ATO's return on invested capital (ROIC) stands at 3.25%, outperforming the industry average of 2.62% [4][8]. - The company's total debt to capital ratio is 39.30%, which is better than the industry average of 50.49% [9]. Strategic Investments & Customer Expansion - ATO plans to invest $3.7 billion in capital expenditures for fiscal 2025 and a total of $24 billion from fiscal 2025 through 2029 to enhance infrastructure and operational capabilities [5][8]. - In the fiscal second quarter of 2025, ATO allocated approximately $225 million to expand its customer base, adding nine new industrial customers with an expected annual load of 8 billion cubic feet (Bcf) [6]. Shareholder Returns - ATO currently pays a quarterly dividend of 87 cents per share, leading to an annualized dividend of $3.48 and a dividend yield of 2.29% [7]. - The company aims to increase its dividend by 6-8% annually through fiscal 2026, pending board approval [7]. Stock Performance - Over the past six months, ATO shares have increased by 10.9%, compared to the industry's growth of 3.1% [10].

Group 1 - Atos SE has entered into a liquidity contract with Rothschild Martin Maurel, reporting significant trading activity in the first half of 2025 [2] - From January 1, 2025, to June 30, 2025, there were 4,631 purchase transactions totaling 30,243,857 shares worth €13,932,498.88, and 4,737 sale transactions totaling 20,534,607 shares worth €13,558,640.17 [2] - As of December 31, 2024, the liquidity account held specific assets, although details are not provided in the current report [2] Group 2 - Atos Group is a global leader in digital transformation with approximately 72,000 employees and annual revenue around €10 billion, operating in 68 countries under the Atos and Eviden brands [3] - The company is recognized as the European leader in cybersecurity, cloud, and high-performance computing, focusing on a secure and decarbonized future [3] - Atos Group aims to design the future of the information space, supporting knowledge, education, and research while promoting sustainable development in a secure information environment [4]

Core Insights - Atos successfully provided IT services for the UEFA Under21 Championship 2025, which took place in Slovakia from June 11 to June 28, 2025, featuring 16 European teams [2][3] - The championship achieved record physical attendance with 244,866 spectators and a cumulative TV audience exceeding 100 million, with domestic match audiences increasing by 7% overall and 55% in the Top 6 markets [3] - Atos utilized advanced technologies to support player development, leveraging AI to analyze data and identify strategies and trends during the tournament [4][5] Company Performance - Atos supported 31 matches over 17 days across 8 cities in Slovakia, demonstrating its capability in managing large-scale sporting events [3][8] - The partnership between Atos and UEFA, established in 2022, has strengthened, with Atos also contributing to the success of UEFA EURO 2024 and UEFA Nations League Finals 2025 [7][8] Industry Impact - The Under21 Championship serves as a significant platform for emerging football talent and is a precursor to the Olympic Games men's tournament [6] - Atos has over 30 years of experience in delivering IT services for major events, showcasing its expertise in technology solutions for sports [8][9] - The company is recognized as a leader in digital transformation, with a workforce of approximately 72,000 and annual revenue around €10 billion, emphasizing its commitment to cybersecurity and cloud services [12][13]

Core Viewpoint - A lay jury in the United States awarded compensatory damages of nearly 70 million dollars to TriZetto from Syntel due to misappropriation and copyright infringement, stemming from a case that began in 2015 [2][3]. Company Overview - Atos Group is a global leader in digital transformation with approximately 72,000 employees and annual revenue of around €10 billion, operating in 68 countries under the brands Atos and Eviden [3]. - The company is recognized as the European leader in cybersecurity, cloud, and high-performance computing, and is committed to a secure and decarbonized future [3]. - Atos Group aims to design the future of the information space, supporting knowledge, education, and research while promoting sustainable development in a secure information environment [4].

Economic Overview - Consumer confidence index declined to 93 in June, a 5.4-point drop from May's 98.4, and significantly lower than the expected rise to 100 [4][10] - Concerns over job availability and uncertainty regarding President Trump's tariffs contributed to the decline in consumer confidence [5][10] - The labor market differential fell to 11.1 in June from 12.7 in May, marking its lowest point in four years [5] Investment Recommendations - It is advisable to invest in safe-haven defensive stocks from the utility and consumer staples sectors, including Atmos Energy Corporation (ATO), NiSource Inc. (NI), Fortis, Inc. (FTS), Ingredion Incorporated (INGR), and Altria Group, Inc. (MO) [2][10] - These stocks are categorized as low-beta (beta greater than 0 but less than 1) and are expected to provide high dividend yields along with favorable Zacks Ranks [3][10] Company Profiles Atmos Energy Corporation (ATO) - Engaged in regulated natural gas distribution and storage, serving approximately 3.3 million customers across eight states [9] - Expected earnings growth rate of 6% for the current year, with a Zacks Rank 2 and a current dividend yield of 2.22% [11] NiSource Inc. (NI) - Provides natural gas and electricity to around 3.7 million customers in six states, with one of the largest natural gas distribution networks in the U.S. [12] - Expected earnings growth rate of 7.4% for the current year, with a Zacks Rank 2 and a current dividend yield of 2.76% [13] Fortis, Inc. (FTS) - Operates in the electric and gas utility business, primarily in Canada, the U.S., and the Caribbean [14] - Expected earnings growth rate of 3.4% for the current year, with a Zacks Rank 2 and a current dividend yield of 3.76% [15] Ingredion Incorporated (INGR) - Specializes in nature-based sweeteners, starches, and nutrition ingredients, serving various sectors [16] - Expected earnings growth rate of 6.1% for the current year, with a Zacks Rank 2 and a current dividend yield of 2.33% [17] Altria Group, Inc. (MO) - Evolving beyond traditional cigarettes into the smokeless category due to rising health consciousness and regulatory pressures [18] - Expected earnings growth rate of 4.9% for the current year, with a Zacks Rank 2 and a current dividend yield of 6.81% [19]

Industry Overview - Natural gas distribution companies transport natural gas from production regions to consumers across the U.S., utilizing extensive underground pipeline networks [1] - The industry is transitioning towards cleaner energy, with natural gas serving as a critical bridge fuel for decarbonization goals [1] - The U.S. has 3,353 trillion cubic feet of natural gas and operates a 2.6-million-mile pipeline network, but faces challenges from aging infrastructure and competition from alternative energy sources [3] Future Outlook - U.S. Energy Information Administration (EIA) projects an increase in domestic dry natural gas production in 2025, particularly in the Permian and Eagle Ford regions [4] - LNG export volumes are expected to rise by 22.7% year-over-year in 2025 and 9.6% in 2026, highlighting the importance of gas pipelines for transportation to export terminals [4] - Interest rates have declined by 100 basis points, benefiting capital-intensive utilities planning infrastructure upgrades [5] Investment Opportunities - Natural gas utilities are investing approximately $37 billion annually to enhance the reliability of distribution and transmission systems, indicating long-term growth potential [6] - The Zacks Utility Gas Distribution industry ranks 52, placing it in the top 21% of the 244 Zacks industries, reflecting strong near-term prospects [7][8] Performance Metrics - The Gas Distribution industry has outperformed the S&P 500 and the Utility sector over the past year, with an 18.1% gain compared to 10.8% for the S&P 500 [9] - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 11.12X, lower than the S&P 500's 16.96X and the sector's 15.09X, suggesting a potential valuation opportunity [12] Company Highlights - **Atmos Energy Corporation (ATO)**: Plans to invest $3.7 billion in fiscal 2025, with a current dividend yield of 2.23% and long-term earnings growth projected at 7.19% [18][19] - **UGI Corporation**: Expected to invest $3.7-$4.1 billion through fiscal 2027, with a dividend yield of 4.12% and long-term earnings growth of 5.2% [22][23] - **ONE Gas Inc. (OGS)**: Aims to invest $4 billion through 2029, with a dividend yield of 3.64% and long-term earnings growth of 5.6% [26][27] - **Northwest Natural Holding Company (NWN)**: Plans to invest $2.5-$2.7 billion through 2030, with a dividend yield of 3.64% [30][31]

Industry Overview - The U.S. natural gas distribution pipeline network is crucial for transporting natural gas to end users, consisting of nearly 3 million mainline and other pipes, driven by rising natural gas usage [1] - Natural gas is increasingly favored for power generation due to its cleaner burning characteristics, with domestic production rising due to increased LNG exports and public awareness of lower emissions [2] Financial Environment - The natural gas pipeline industry requires a consistent flow of funds for maintenance and repair of aging infrastructure, with the Federal Reserve lowering the federal fund rate by one percentage point since September 2024, expected to reduce capital servicing costs for utilities [3] Utility Performance - Utility service providers generally experience steady revenue and profitability growth, allowing for regular dividend payments that enhance shareholder value [4] - The U.S. Energy Information Administration forecasts natural gas consumption for electricity generation to average 38.4 billion cubic feet per day in June, a 26% increase from May, with an overall expected increase of 1% in 2025 [5] Company Analysis - A comparative analysis of Atmos Energy (ATO) and ONE Gas (OGS) shows both companies currently hold a Zacks Rank 2 (Buy) [6] - The Zacks Consensus Estimate for ATO's fiscal 2025 EPS has increased by 0.6% to $7.24, while OGS's EPS estimate has risen by 0.7% to $4.29 [7] Financial Metrics - ATO's return on equity (ROE) is 9.05%, while OGS's ROE is 8.15%, both slightly below the industry average of 9.24% [8] - The debt-to-capital ratios for ATO and OGS are 39.3% and 40.43%, respectively, compared to the industry average of 50.49% [9] - ATO has a current ratio of 1.33, indicating strong liquidity, while OGS's current ratio is 0.59, below the industry average of 0.63 [11] Stock Performance - Over the past six months, ATO's stock has risen by 11.7%, outperforming the industry's 2% growth and OGS's 5.2% increase [10][12] - ATO's dividend yield is 2.23%, while OGS's is 3.64%, both exceeding the S&P 500 Composite's average of 1.25% [14] Conclusion - Both Atmos Energy and ONE Gas are positioned as strong investment opportunities, with ATO being favored due to better debt management, liquidity, and stock performance [15]

Core Insights - Atos has successfully completed the data center migration project for IGM Financial, transitioning to a modern cloud-native solution utilizing Microsoft Azure and Google Cloud Platform [2][5] - The new cloud model enhances IGM's operational efficiency, control, speed, and scalability, allowing for rapid deployment of new applications and services without significant upfront investments [3][4] - The migration facilitates integration with advanced technologies such as AI, machine learning, and IoT, positioning IGM to remain competitive in a fast-evolving technological landscape [5] Company Overview - Atos is a global leader in digital transformation with approximately 72,000 employees and annual revenue of around €10 billion, operating in 68 countries [8] - The company specializes in cybersecurity, cloud services, and high-performance computing, and is committed to providing tailored AI-powered solutions across various industries [8] - Atos has established partnerships with leading public cloud providers, including Microsoft and Google, to enhance its digital transformation offerings [7]