Guidance prudente, valorisation tendue - VENTE - OC 129€ (vs 126€)
La publication des résultats 2016 s’est révélée globalement en ligne mais pénalisée par une guidance d’EBITA décevante. En 2017, la croissance lfl du CA est prévue entre +8/+9% et le niveau d’EBITA devrait s’établir dans la fourchette de 300/315m€ (impact FX att de -30m€). Nous restons prudents sur la croissance organique du groupe (+7,8% att par IS) face aux perspectives de densification de la concurrence et abaissons notre estimation d’EBITA 2017e de -3,4% intégrant des frais R&D/SG&A en hausse malgré des COGS en baisse. Opinion VENTE réitérée avec un objectif relevé à 129€ (vs 126€ préc.).Co. specializes in the field of in vitro diagnostics for clinical and industrial applications. Co. designs, develops, manufactures and markets systems used in: Clinical Applications (the diagnosis of infectious diseases such as hepatitis, HIV, tuberculosis and respiratory illnesses, as well as pathologies such as cardiovascular diseases and cancers, based on the analysis of biological samples such as blood, saliva or urine); and Industrial Applications (microbiological analysis of samples of finished or semi-finished products (or of the environment), chiefly in the food processing and biopharmaceutical industries), detecting microorganisms in agri-food, pharmaceutical and cosmetic products.
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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