Des objectifs trop ambitieux sur les deux métiers ? - VENTE - OBJECTIF : 19€
L’Investor Day a vu la société exprimer beaucoup d’enthousiasme sur les perspectives de croissance de ses 2 principales divisions (GPS et E&I), visant des « cibles » qui nous semblent davantage tenir du blue-sky scenario que de la guidance. Elles impliqueraient une croissance organique d’au moins +5,5% par an jusqu’en 2020, ce que nous ne pensons pas réaliste, même s’il est probable que notre scenario actuel soit trop pessimiste. Les ambitions M&A (+5/+7pts de croissance par an) nous semblent également trop optimistes après la rachat de l’ODIRNANE qui limite les moyens de la société. Dans l’attente d’investigations plus poussées, nous ne changeons pas nos estimations et maintenons notre recommandation VENTE et notre objectif à 19€.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.
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