Report
Peter Farren

Une forte hausse des dépenses à attendre en 2017 - NEUTRE - OC 23€ (vs 23,5€)

Hier, De’Longhi a publié des résultats 2016 en ligne avec les attentes et a confirmé sa guidance d’une hausse midsingle digit du CA à changes constants en 2017. Toutefois, le groupe annonce également une hausse des investissements (R&D, marketing) qui devrait limiter la progression de la marge. De plus, les capex seront en forte hausse en 2017 en raison de l’augmentation des capacités de production et de la construction d’un nouveau centre R&D. Nous abaissons nos BNA 2017-18 de -7,3%/-8,2% et notre objectif de 23,5€ à 23€. Nous maintenons notre opinion NEUTRE.
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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