Un T3 de bonne qualité, guidances maintenues - NEUTRE - OC 202€ (vs 196€)
Le groupe a publié des résultats T3 encore proches des attentes en termes de croissance et de marges d’EBITA, même si cela ne se retrouve pas dans le BNA. Ce fut souvent le cas depuis quelques trimestres et cette situation s’est répétée au T3 2017. Pour autant, la qualité de ces résultats est à souligner avec notamment le fort niveau préservé des marges dans les activités pneu et l’accélération de la croissance organique dans les activités d’équipement automobile. Le groupe réitère sans surprise ses guidances 2017. Nous maintenons nos estimations 2017/19e. Notre objectif de cours, marginalement relevé à 202€ vs 196€ préc, justifie notre opinion NEUTRE renouvelée.Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.
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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