Report
Peter Farren

Un T2 décevant sur la croissance organique - NEUTRE - OC 26€

Vendredi, De’Longhi a publié un EBITDA T2 2017 en ligne avec les attentes malgré une croissance organique un peu décevante. Le management a confirmé ses guidances 2017 d’une hausse mid-single digit du CA à changes constants et d’une progression de l’EBITDA. Nous maintenons nos estimations et notre objectif de cours de 26€. Nous réitérons notre opinion NEUTRE car nous pensons que le consensus a pleinement intégré les perspectives 2017 et que la valorisation est assez élevée (PE relatif à l’Eurostoxx de 1,54x vs une moyenne 5 ans de 1,27x).
Underlying
De'Longhi S.p.A.

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.

Provider
Invest Securities
Invest Securities

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.

Analysts
Peter Farren

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