2015, une année de transition… plus difficile que prévu - NEUTRE - OC 17,5€ (vs 17,9€)
La société a dévoilé ce matin deux incidents majeurs intervenus ces derniers jours en Guadeloupe et à la Réunion. Ces derniers, bien qu’exceptionnels montrent des failles dans la sécurité des équipements et obligent le groupe a revoir ses procédures, auditer ses équipements et augmenter ses stocks de pièces stratégiques. L’impact sur le l’EBITDA et le RN 2015 est estimé, à ce stade, à 10% sur les guidances données en mars. Hors effet stock négligeable, il n’y aura pas d’impact sur les années suivantes. Ces incidents, font cependant ressurgir le spectre du risque sur la valeur. Alors que nos révisions concernent uniquement 2015 (-16,7% sur le BNA), l’impact sur notre objectif est relativement limité puisqu’il ressort à 17,5€ (vs 17,9€), nous restons à NEUTRE sur la valeur.Albioma is an independent energy producer that develops projects in the thermal biomass, solar power, and anaerobic digestion sectors. Co. provides industrial partners with expertise in energy production via hybrid combustion of biomass. In addition, Co. produces biogas by biological decomposition of organic matter in a confined oxygen-free medium, which it either converts into electricity and heat or purifies and then injects into the gas transmission network. It operates facilities on Reunion Island, Mayotte, Guadeloupe, Martinique, and French Guyana, mainland France and Southern Europe. Co. divides its operation into three segments: Thermal Biomass, Solar Power, and Anaerobic Digestion.
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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