Dans le bon sens mais trop tôt pour devenir positifs - NEUTRE - OC 2-,5€ (vs 24€)
Hier, De’Longhi a publié des résultats T2 plutôt satisfaisants, surtout au niveau de l’EBITDA qui dépasse de 2% les attentes. Nous relevons nos BNA 2016-18 de +5,4% en moyenne et notre objectif à 26,5€ vs 24€. Depuis notre initiation à NEUTRE le 22 juin, De’Longhi affiche une légère sous-performance par rapport à l’Eurostoxx (-1%). Malgré la valorisation moins tendue que lors de notre initiation et des perspectives qui s’éclaircissent en 2017, nous conservons notre recommandation NEUTRE compte tenu du momentum faible attendu au S2 2016 au niveau de l’EBITDA.De Longhi is a holding company. Through its subsidiaries, Co. operates three divisions: Household, Professional and Corporate. The Household division operates in the domestic appliances market with products for air cooling and treatment, heating, food preparation and cooking, domestic cleaning and ironing. The Professional division operates in the market for large thermo-cooling systems, hydronic terminals, heat pumps and wall-mounted air-conditioning units. The Corporate division which mainly provides corporate services to the group with the functions of setting strategy, of control, co-ordination and management of centralized activities and resources.
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