Pas de raison de s'emballer - NEUTRE, OC 45€ vs 42€
Le CA T1 est de très bonne facture avec +8% de croissance économique (+11,7% lfl), bien équilibrée entre les trois zones. Néanmoins, la société a anticipé une croissance lfl de +5% sur l’année, ce qui implique un ralentissement de la dynamique de croissance, et a expliqué investir fortement pour développer son activité (Allemagne et International), se déclarant à l’aise avec le niveau actuel du consensus sur les marges. Nous relevons notre estimation de croissance 2017 de +3,7% lfl à +5,4% lfl sans impact sur les niveaux de marges, avec des BNA 17-19 relevés de +1,5%/+1,4%/+1,3%. Nous relevons notre objectif à 45€ vs 42€ et maintenons notre recommandation NEUTRE.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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