Report
Claire Barbaret

+6% pour l'ANR et mouvements sur le portefeuille - ACHAT, OC 6,5€

A fin septembre, l’ANR ressort à 38,87m€, soit 9,33€ par titre (+6%). Au cours des derniers mois, le management a mis en oeuvre son programme de désinvestissement avec 3 participations cédées qui ont permis d’extérioriser une plus-value totale de 7,8m€. En intégrant l’ensemble de ces cessions, la trésorerie disponible dépasse 12m€, soit 1/3 de l’ANR total. Ces développements sont en ligne avec nos attentes et militent pour une réduction de la décote du titre par rapport à l’ANR qui s’établit à 40%. La prise en compte d’une décote de 35% conjuguée à l’appréciation attendue de l’ANR d’ici la fin de l’année permettent de viser un objectif de cours de 6,5€. Opinion ACHAT maintenue.
Underlying
Altur Investissement SCA

Altur Investissement SAC, formerly Turenne Investissement SCA is a France-based capital investment company. The Company specializes in Owner Buy-Out and Leveraged Buy-Out investments in small and medium-sized French companies. Turenne Investment co-invests with funds managed by Turenne Capital Partenaires. The Company invests mainly in four sectors: healthcare, specialized distribution, services and sustainable development. The Company has stakes in various companies, including Aston Medical and Capsule Technologie, representing the healthcare sector, International Greetings, HPE, Quemco, Somedics and Pellenc Selective Technologies, among others.

Provider
Invest Securities
Invest Securities

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.

Analysts
Claire Barbaret

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