Reprise en vue sur le S2 - ACHAT - OC 3,3€ (vs 3,6€)
Après des résultats annuels (clôture au 30/09/2015) en nette amélioration, le S1 2016 est à nouveau impacté par l’activité Services à l’Environnement (baisse de -12,9% des volumes de ferrailles traités et effet prix négatif de -27%). L’activité Multiservices poursuit sa forte croissance (+13%) mais sa rentabilité est impactée temporairement par la branche Aéronautique. L’EBITDA courant du groupe ressort ainsi en retrait de -22% à 44,5m€. La reprise attendue n’ayant pas eu lieu, nous abaissons notre estimation d’évolution du prix des ferrailles de -1% à -13% pour l’année. Nous relevons néanmoins notre prévision de croissance 2016 de l’activité Multiservices (+10% vs +4,5% préc), mais abaissons sa marge d’EBITDA (3,5% vs 4,2% préc). Nos BNA 2016 et 2017 sont impactés de respectivement -24% et -4,8% et notre objectif abaissé à 3,3€ (vs 3,6€). Nous maintenons notre recommandation ACHAT au regard d’un S2 annoncé bien meilleur, tant au niveau de la croissance que de la rentabilité.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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