Biais négatif réaffirmé après le S1 2016 - VENTE - OBJECTIF : 19,4€ (vs 19€)
Suite à la publication des résultats S1, nous sommes peu impressionnés par la progression de la marge (+20 pb sur l’EBITDA) dans un contexte pourtant très favorable (marché en forte croissance, effet calendaire très positif). Si nous relevons légèrement nos estimations de BNA (+5,0%/+2,3%/+1,4%) pour prendre en compte la dynamique de croissance plus forte qu’attendu, nous sommes confortés dans notre conviction qu’il n’existe pas de vrai levier d’amélioration de la marge à moyen terme. D’autre part, la société consomme beaucoup de cash, pour des motifs que nous trouvons peu pertinents, alors qu’elle se finance avec une couteuse ODIRNANE. Nous restons à la VENTE, convaincus que le consensus surestime les perspectives de la société sur 2017 et 2018. Notre objectif est marginalement ajusté à 19,4€ vs 19€ précédemment.Assystem SA is a France-based company that is principally engaged in engineering and innovation consultancy. The Company offers solutions within a number of sectors, such as Aerospace, Defence, Energy, Nuclear, Life Sciences, Infrastructure, Automotive and Transport. The Company develops the infrastructural engineering and externalized R&D services. It's activities include managing infrastructural investments, from conception to dismantling; aerospace mechanical engineering, providing technical services to aerospace, engine and automotive manufacturers and technology & product engineering, providing services in transport, defense, product hardware and software development. The Company is present Europe, North America and Asia. The main shareholder of the Company is HDL Developpement SAS. It operates through Onyx Promavi, Batir Group, Edison Technical Recruitment Ltd, Radicon Gulf Consult, Engineering Partner Automotive Nordic AB and The Biotech Quality Group, among others.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.