Nos doutes sont levés sur la dynamique de croissance - ACHAT vs NEUTRE - 67€ (vs 63€)
Nous relevons ce matin notre objectif de cours à 67€ vs 63€ et passons à l’ACHAT vs NEUTRE. La publication T3 16 a démontré la solidité de la dynamique de croissance, en particulier à l’international. D’autre part, le management s’est dit confiant dans le fait de maintenir une croissance à 2 chiffres dans l’automobile en 2017, alors que l’on pouvait craindre un ralentissement. Nos doutes étant levés sur certaines dynamiques sectorielles qui évoluent favorablement (stabilisation de la situation dans le pétrole et gaz et dans l’auto en Allemagne, redémarrage de la croissance dans les télécoms), nous intégrons une dynamique de croissance organique plus forte dans nos estimations (bien que nous restions très prudents) ainsi que les deux acquisitions annoncées hier. Dans le secteur, nous gardons comme top pick Altran, dont nous apprécions les avancées sur le plan stratégique Ignition.2020.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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