Un T4 correct qui va dans le bon sens - NEUTRE - OC 23,5€
Hier, De’Longhi a publié un CA T4 légèrement en dessous du consensus mais supérieur à nos attentes, marqué comme attendu par un retour à la croissance après un T3 en forte baisse. La perspective d’une croissance autour de +5% en 2017 est confirmée. Dans l’attente de la publication des résultats 2016 le 3 mars prochain, nous ajustons marginalement nos estimations 2016-18 et maintenons notre objectif de 23,5€ ainsi que notre recommandation à NEUTRE. La valorisation relative est légèrement au-dessus de la moyenne historique, ce qui ne nous semble pas particulièrement attractif car la société doit encore démontrer qu’un retour à une croissance des ventes autour/supérieure à +5% est réalisable, suite à une année 2016 marquée par un léger recul (-0,2%).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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