Un cru 2016 décaféiné - NEUTRE - OC 24€
Nous initions à NEUTRE la couverture de De’Longhi, acteur global du petit équipement domestique et leader mondial des machines à café. Nous pensons que la société dispose de fondamentaux attractifs à moyen et long-terme avec un potentiel de croissance organique annuelle de 5-10% et une capacité à relever les marges grâce au redressement de la marque Braun et la progression structurelle du marché des machines à café. A court-terme, 2016 s’annonce comme une année de transition : la croissance organique ne devrait pas dépasser 3% et la marge devrait stagner en raison de l’impact des devises et des investissements liés à Braun. Dans ce contexte, le consensus nous paraît un peu élevé. En termes de valorisation, De’Longhi se traite audessus de ses moyennes historiques. Notre objectif par DCF s’établit à 24€ (+4%).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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.