Accélération de la croissance au T3 - NEUTRE - OC 20€
Le CA T3 est marqué par une accélération de la croissance (107,2m€, +18%) due à : (i) un très bon taux de disponibilité des installations (91,9%) et (ii) une amélioration des performances au Brésil sous l’effet d’un retour à la normale des volumes de bagasses, d’un taux de change favorable et d’un prix spot de l’électricité élevé. Cette publication conforte le groupe dans ses objectifs annuels d’EBITDA de 130 à 138m€ (132,3m€ att par IS) et de RNpdg de 30 à 35m€ (33m€ att par IS). Notre valorisation ressort en hausse à 20,4€ (vs 20€ préc) du fait de la légère baisse de notre WACC, nous conservons notre recommandation NEUTRE.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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