INVEST SECURITIES - Derichebourg : Le marché intègre le pire des scénarios ! - ACHAT, OC 6€ vs 7,5€
Les résultats 2017/2018 traduisent une résistance de l'activité recyclage au décrochage des prix des métaux au S2 (EBITDA stable). De son côté, l'activité Multiservices ne connaît pas la crise avec une 9ème année consécutive de croissance. L'EBITA ressort à 118,3m€ (-3,4%) et la DN s'améliore de 15,8m€ malgré des CAPEX élevés (-122,9m€) et des éléments non récurrents (-17,6m€). Devant la prudence du management, nous abaissons nos prévisions 2018/2020 de volumes et de prix sur le recyclage ainsi que nos marges d'EBITDA. Notre valorisation ressort à 6€ (vs 7,5€ préc) et nous réitérons notre recommandation ACHAT. Le marché intègre, selon nous, un scénario de retournement qui verrait une baisse, sur les 2 prochaines années, de plus de -20% sur les volumes / prix et marges.Derichebourg provides services to businesses and to local and municipal authorities. Co. covers the entire waste recycling chain, from collection through to recuperation, as well as a range of services to businesses and to local and municipal authorities. Co.'s activities can be divided into three segments: Environmental Services segment which is engaged in the processing and disposal of waste and of end-of-life products; Business Services segment which offers a range of front end services (reception, cleaning, energy, parks and gardens maintenance, temporary workers) and Airport Services segment which provides outsourced airport services like services for stopover management and airfreight.
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