2017, le retour de la croissance ? - NEUTRE - OC 6,3€ (vs 4,8€)
Le CA 2016 ressort en recul de -9% seulement grâce à un T4 (+14%) qui a été marqué par la remontée des cours de certains métaux et la reprise de l’activité de régénération d’huiles usagées. Si le groupe considère que 2017 reste difficilement lisible, nous estimons de notre coté qu’avec des cours de métaux bien orientés en ce début d’année, AUREA pourrait enfin renouer avec une croissance de ses 3 pôles. Ceci nous conduit à supprimer notre prime de risque spécifique (4% préc) et à réviser notre objectif de 4,8€ à 6,3€. Nous maintenons néanmoins notre opinion NEUTRE, suite au parcours récent du titre (+29,4% en 3 mois).Aurea is a holding company. Through its subsidiaries, Co. is operating in the environmental and sustainable development sector. Co. specializes in recycling used motor oils, aluminium, PVC, complex plastics, tires and in de-pollution of water. Through Eco Huile, Co. regenerates used motor oils. Through Roll Gom, Co. specializes in the treatment of used tires. Through Recycarbo, Co. reprocesses dangerous aqueous industrial waste, tainted by hydrocarbons or derivatives. Through Regeal Affimet, Co. recycles aluminium. Through Rulo, Rulo France, Broplast, BHS and Materege, Co. recycles PVC products and complex plastics.
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