Jenoptik AG : Une histoire de croissance sous-estimée
Jenoptik poursuit sa transformation vers un profil de pure player de la photonique. Le groupe présentera sa nouvelle organisation le 25 mars et devrait procéder à la cession de Prodomax, que nous valorisons à ~95 M€, au plus tard fin 2025. La valorisation est toujours attractive à 7.9x EBITDA 2025e, soit une décote de 20% par rapport à sa moyenne 5 ans. La faible visibilité sur le S1 2025 nous semble bien intégrée dans le cours actuel offrant un point d’entrée attractif, avec un potentiel de rerating important une fois que le rebond du marché des semiconducteurs se matérialisera, selon nous, à partir du S2 25. Nous confirmons notre opinion Surperformance et relevons notre OC à 29 € vs 28 €.Jenoptik is a holding company. Through its subsidiaries, Co. is an optoelectronics group engaged in the production of range of products including original equipment manufacturer or standard components, modules and subsystems through to systems and production lines for numerous sectors. Co.'s operating business is organized in the following three operating segments: Laser & Optical Systems, Metrology, and Defense & Civil Systems. The operating business within the segments is further subdivided into five divisions: Lasers & Material Processing, Optical Systems, Industrial Metrology, Traffic Solutions, and Defense & Civil Systems, each of which are subdivided into several business units.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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