Regard tourné vers l’avenir après une année difficile - ACHAT - OC 6€ (vs 6,6€)
Malgré un CA 2014 en hausse de 8% essentiellement tiré par l’activité métaux & alliages en début de recovery, l’EBITA 2014 ressort en baisse à 2,5m€ (vs 2,6m€). L’impact des deux acquisitions pèse en effet pour -2,2m€. Avec l’accumulation des acquisitions ces dernières années, le problème de la lisibilité des comptes se pose de plus en plus. Lors de la réunion SFAF, la direction a d’ailleurs indiqué privilégier dorénavant la croissance interne. En attendant confirmation d’une reprise, notamment des cours des métaux, nous révisons nos chiffres 2015 et 2016 ce qui impacte nos BNA de -8% (2015) et -7,3% (2016). Notre objectif de cours ressort en baisse à 6€ (vs 6,6€), nous restons néanmoins à l’ACHAT avec un potentiel de 8%.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.
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