2017, le retour de l’huile ? - NEUTRE - OC 4,8€
La société a dû faire face à l’arrêt total de son usine de recyclage d’huile (16% du CA en 2015), faute d’activité. De plus, le redémarrage de l’usine de recyclage de mercure a été de nouveau repoussé. Heureusement, le groupe bénéficiera au T4 de l’augmentation des capacités de traitement de la filière Métaux & Alliages (+10kt estimé pour l’aluminium et +5kt estimé pour le cuivre). Si l’impact sur nos BNA 2016 et 2017 est important (nous sommes prudents sur le timing de la réouverture de la filière huile) nous anticipons un retour à des marges plus normatives dès 2018. Notre valorisation de 4,8€ reste inchangée, l’amélioration de la dette nette et de la prime de marché compensant nos révisions 2016-17. Nous réitérons notre recommandation NEUTRE en attendant la confirmation (i) de la reprise de la filière huile et (ii) du redémarrage de l’usine de recyclage de mercure.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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