Un T3 en accélération mais sans effet de levier - NEUTRE - OC 27€ (vs 26€)
De’Longhi a publié un EBITDA T3 2017 en ligne avec les attentes même si la croissance organique s’est nettement accélérée. 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 d’EBITDA quasi inchangées et notre objectif de cours passe à 27€ vs 26€ suite à la mise à jour des paramètres DCF. Nous réitérons notre opinion NEUTRE compte tenu d’une valorisation élevée (PE relatif à l’Eurostoxx de 1,45x vs une moyenne 5 ans de 1,29x) et d’un consensus qui nous semble avoir pleinement intégré les perspectives de croissance.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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