INVEST SECURITIES - Aurea : Excellentes perspectives et potentiel reconstitué - ACHAT vs NEUTRE ; OC 9€ vs 8,6€
Le S1 2018 est caractérisé par un hausse du CA (+11%) lié à la hausse du pôle Produits Dérivés du Pétrole (+66%). La plupart des pôles étant des activités à coûts fixes, la rentabilité du groupe a augmenté à tous les niveaux. La politique de croissance externe semble un peu moins mise en avant, et l'absence d'acquisition permettrait d'afficher des comptes 2018 (voire 2019) « non pollués ». Cette publication, ainsi que l'optimisme du dirigeant (plutôt rare) nous confortent dans nos prévisions et notre nouvel OC ressort en hausse à 9,0€ (vs 8,6€ préc) grâce à une baisse du WACC. Combiné à l'évolution du titre depuis le début de l'année cet OC fait ressortir un potentiel +16%. Nous relevons ainsi notre recommandation de NEUTRE à ACHAT.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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