Des résultats sans grande surprise - ACHAT - OC 4,4€
Les résultats S1 2017 sont marqués par un changement comptable : la filiale Denobiotics est comptabilisée en intégration globale depuis le 01/01/17 (détention à 100%) alors qu’elle était comptabilisée en MEE précédemment (détention de 49,02%). Hors Deinobiotics, les charges d’exploitation seraient en baisse de -5,9% (+12,3% avec). Au regard des différentes avancées, nous diminuons notre prime de risque spécifique (de 13% à 12%), ce qui vient compenser la dilution engendrée par le tirage de la ligne de financement en fonds propres (1,2m€) et l’augmentation des charges liée à Deinobiotics. Notre valorisation ressort stable à 4,4€ et nous conservons notre opinion ACHAT.Deinove SA is a biotechnology company dedicated to the discovery, development and production of compounds based on the use of rare bacterial genus that present an interest to the health, nutrition and cosmetics sectors.
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.
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