Perspectives maintenues après un S1 robuste - ACHAT - OC 16,5€
La publication S1 2017 est ressortie en ligne avec nos attentes, marquée par une nouvelle progression de l’EBITDA légèrement au dessus de notre estimation et du consensus. Si la croissance organique au T1 et au T2 est un peu en dessous de la tendance historique du groupe (+8% vs +10%), la surperformance au S1 vs marché automobile est de 5pts et la progression de la rentabilité permet d’être confiant sur nos estimations alors que le groupe maintient, pour sa part, ses éléments de guidances 2017. Nous maintenons nos estimations 2017/19e inchangées. Notre OC ressort également inchangé à 16,5€. Opinion ACHAT réitérée.Brembo operates in the field of components for the motor vehicle industry, designing, manufacturing and marketing disc braking systems. The product ranges includes performance brake calipers, brake discs, wheel side assemblies, complete braking systems and integrated engineering services that accompany the development of new vehicle models marketed by car and motorbike manufacturers. Co.'s products and services are employed on cars, commercial vehicles, and motorbikes, as well as in racing. Co. is divided into several manufacturing and marketing units which Co. coordinates.
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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