Une croissance solide mais une valorisation tendue - VENTE - OC 123€ (vs 149€)
La publication des ventes T3 est ressortie légèrement supérieure à nos estimations. Comme attendu, la guidance de CA 2016 sera certainement dépassée. Malgré un relèvement de notre estimation de croissance 2016 et de notre objectif à 123€ vs 122€, nous continuons de penser que la valorisation actuelle est difficilement justifiable dans une perspective MT. Selon nous, elle n’intègre pas différents éléments nuisant à la croissance des ventes et au redressement rapide des marges. VENTE réitérée.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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