Net redressement de la marge de la France - ACHAT, OC 36€
Avant la réunion SFAF ce matin et le roadshow que nous organisons, les résultats S1 16 publiés hier soir nous semblent être de bonne facture (+42% sur l’EBITA, +74% sur le RN) grâce à un net redressement des marges en France (+300 pb à 6,0%), néanmoins compensé par la performance plus mitigée en Allemagne, voire à l’international. Akka annonce également l’acquisition d’Erlkonig en Allemagne. L’intégration dans nos estimations de cette acquisition et du mix géographique de la marge favorable aux BNA part du groupe du fait de la présence de minoritaires chez MBTech (35% détenus par Daimler) pourrait nous inciter à relever nos estimations de BNA de moins de +5% sur 1618. ACHAT renouvelé avec un objectif de 36€.Akka Technologies is an engineering and technology consultancy company. Co. bases its service around two areas which enable it to cover the full life cycle of a product: information and systems technology and engineering. Co.'s activities can be divided into six areas: Mechanical Engineering, Process Engineering, Document Engineering, Industrial Information Technology and Embedded Systems, Information Systems and Consulting. Co. operates mainly in France, Belgium and Germany. Co also operates in Italy, Romania, Switzerland, Spain, England and Canada.
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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