Bon semestre, mais perspectives inchangées - NEUTRE - 63€ (vs 60€)
Les résultats S1 16, boostés par un fort effet calendaire (+110 pb sur l’EBITA), nous incitent à relever notre estimation de marge 2016 à 10,1% vs 9,8%. L’intégration d’éléments plus positifs sous la marge opérationnelle (comme un taux d’IS entre 30 et 30,5% à MT vs 33%) et des dernières acquisitions nous poussent à relever sensiblement nos estimations de BNA 16-18 (+5,7%/+8,0%/+7,2%). Néanmoins, nous estimons que les perspectives sur la marge d’EBITA à horizon 2019 restent les mêmes (autour de 10%) du fait d’un choix stratégique centré sur l’activité historique d’Etudes-Conception. NEUTRE maintenu, avec un objectif relevé à 63€ vs 60€.Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).
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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