Confirmation du redressement - ACHAT - OC 8,6€ (vs 7,4€)
Les résultats S1 2017 confirment le redressement que nous attendions. La bonne orientation des volumes, le rebond des prix des matières premières et la reprise de la filière de régénération des huiles moteur usagées, tirent le CA mais permettent également au groupe d’afficher une marge d’EBITA de 2,7%, bien supérieure à celle du S1 2016 (0,4%). Nous relevons nos CA 2017/19 mais abaissons légèrement nos marges et notre nouvel objectif ressort à 8,6€ (vs 7,4€ préc). Malgré la performance du titre depuis le début de l’année (+38%) nous conservons notre opinion ACHAT, considérant que les leviers enclenchés vont accélérer la croissance et continuer d’améliorer la rentabilité.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.
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.