Toujours trop tôt pour devenir positif - NEUTRE - OC 23,5€ (vs 26€)
Jeudi dernier, De’Longhi a publié un CA T3 en dessous des attentes, marqué par un environnement top-line difficile dans plusieurs régions. Toutefois, l’EBITDA résiste grâce à un mix produits positif. Nous abaissons nos BNA 2016-18 de -0,6% en moyenne et notre objectif à 23,5€ vs 26,5€, ce dernier reflétant l’utilisation d’un beta relevé à 1,2x vs 1,1x dans nos paramètres DCF. Malgré une valorisation plutôt attractive, nous conservons notre recommandation NEUTRE compte tenu du momentum défavorable au niveau des ventes. Bien que nous attendions une amélioration au T4, nous préférons continuer à attendre une confirmation avant de devenir plus positif sur la valeur.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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