Les performances du S1 valident les objectifs 2017 - NEUTRE - OC 20€ (vs 16,6€)
Les résultats S1 2017 montrent de bonnes performances opérationnelles à tous les niveaux. l’EBITDA ressort à 68,4m€ (+5%) porté par : (i) des ajustements tarifaires obtenus dans le cadre des travaux de mise aux normes des installations thermiques en France et (ii) de la bonne tenue des charges d’exploitation. L’EBIT progresse de +7% et le RNpdg de +12%. Nous intégrons un décalage de 2 mois de la mise en service de TAC et un dérapage budgétaire de 20m€ sur Galion 2. Nos BNA 2017-19e sont abaissés de -4,4%/-2,5%/-2,6% mais la forte baisse de la prime de risque nous conduit à relever notre valorisation à 20€ (vs 16,6€). 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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