Prudents sur le redressement des marges - VENTE - OC 122€
Nous initions la couverture avec une recommandation à VENTE et un objectif de 122€ dérivant d’une moyenne d’un DCF (122€) et de multiples de comparables (123€). Nous considérons que le marché a surréagi aux bons résultats semestriels occultant différents éléments (consolidation, baisse des remboursements, concurrence) qui impacteront la croissance des ventes et la dynamique de progression de la rentabilité. La valorisation actuelle est justifiée dans un « scénario bull » (CA TMVA 15-19e: +9,8%, marge EBITA 2019: 17,8%) mais celui-ci nous paraît difficilement réalisable. Nous sommes néanmoins confiants dans l’amélioration des marges grâce à la contribution de BioFire, mais nous restons plus prudents sur la faculté du groupe à renouer rapidement avec la marge d’EBITA de 2013 de 16,5% (marge EBITA 2019 att par IS : 15,4% vs 16,3% att).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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