Retour aux actionnaires imminent - NEUTRE - OBJECTIF : 32,5€ (vs 31€)
Le groupe a annoncé hier matin le lancement d’une OPRA sur 28,35% des actions en circulation, à 37,5€ par action, provoquant un net rebond du titre (+6,5%). Si l’OPRA se fait sur un niveau supérieur au cours coté et que son montant est de 225m€ vs >200m€ annoncés précédemment, l’impact sur notre valorisation est limité (+1,5€ par action). Nous conservons donc une recommandation NEUTRE à ce stade avec un OC relevé à 32,5€, intégrant pour 28% le prix de l’OPRA et pour 72% notre valorisation post-OPRA. Notons que le cours risque de décrocher après la réalisation de l’opération, (14/12/2017) vers la valeur résiduelle du groupe (30,4€/action selon nous).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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