Une belle trajectoire bien identifiée - NEUTRE, OC 42€ vs 39€
Les résultats 2016 n’ont pas apporté de surprise majeure. La marge opérationnelle est légèrement supérieure aux attentes, le RN pdg en-dessous et la génération de cash très supérieure grâce à un beau travail de réduction du DSO. Nous intégrons les acquisitions de CTP Systems, Edelway et Gigatronik dans nos estimations et ajustons notre scénario, avec au total un relèvement de nos BNA 17-19 de +7,4%/+15,3%/+18,9%. Nous considérons qu’Akka est très bien positionnée sur un marché de l’ICT attractif, mais que le titre est bien valorisé.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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