Des problèmes de riches - ACHAT - 90€ (vs 84€)
Le CA T3 17 est en croissance économique de +8,2%, légèrement supérieure aux attentes et tirée par les mêmes moteurs (auto, aéro, sciences de la vie). Le maintien de niveaux de croissance aussi élevés dans les trimestres à venir dépendra de la capacité d’Alten à retenir ses ingénieurs (turnover en hausse) et à accélérer son recrutement. Nous pensons que c’est à la portée du groupe, qui devrait par ailleurs évoluer dans un contexte moins exigeant sur les prix. Alors que nos BNA sont marginalement ajustés, nous relevons notre OC à 90€ vs 84€ (mise à jour de la prime de risque) et réitérons notre recommandation à ACHAT.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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