INVEST SECURITIES - Agrogener&ation : Dilution minimale pour une flexibilité retrouvée - ACHAT ; OC 0,59€ vs 0,6€
L'émission de 20m€ d'ORNANEs assorties de BSA annoncée le 6 juin aura un impact dilutif limité voire nul sur les BPA d'AgroGeneration. Ceci sera d'autant plus vrai si le groupe n'émet pas la totalité des 29 tranches. Or, AgroGeneration décide de l'émission des tranches facultatives. Etant données les bonnes récoltes annoncées pour 2018, un début de redressement du prix des matières premières agricoles et l'impact positif sur les résultats du remboursement des OSRANE 2015 (mars 2019), nous estimons que les 26 tranches facultatives ne seront pas toutes émises. Nous révisions marginalement notre objectif de cours à 0,59€ (vs 0,6€ préc). Opinion ACHAT maintenue.Agrogeneration SA is a France-based company engaged in the fishing and farming industry. The Company is a producer of grain and oilseeds. Following its merger with Harmelia, the Company becomes the producer of grain and oilseeds in Ukraine. Agrogeneration SA focuses mainly on the production in Ukraine, both in terms of cultivated acreage and operational efficiency. The Company follows traditional crop rotation and puts money into fertilizers, seeds, and agricultural chemicals for the purpose of achieving profitability crop. Operated farmlands of Agrogeneration SA are located in a number of regions in Ukraine, such as Kharkiv, Lviv and Sumy, among others, which represent standards and a propitious climate for achieving yields.
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