Carton jaune sur les marges - VENTE - OC 70€
Nous initions la couverture à VENDRE pour 2 raisons principales: (i) nous pensons que les marges du groupe vont rester sous pression compte tenu de l’environnement concurrentiel, obligeant adidas à maintenir des investissements élevés (surtout pour le marketing et le sponsoring) ainsi que d’un redressement aux Etats-Unis qui pourrait être long et coûteux ; (ii) nous jugeons la valorisation élevée dans ce contexte, adidas se traitant nettement au-dessus des moyennes historiques. Notre objectif de cours par DCF s’établit à 70€ (-9%).ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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