Trop d’incertitudes sur le prix des ferrailles - VENTE vs ACHAT - OC 3€
La société a publié des résultats semestriels (clôture au 31/03/2015) présentant un CA en recul de 5% mais une rentabilité en hausse. Par ailleurs, la situation financière du groupe continue de légèrement s’améliorer malgré la poursuite du rachat de ses actions (auto détention de 4,7% vs 1,9% au S1 2013/14). Si cette publication nous conforte sur les fondamentaux de l’activité Multiservices, la poursuite de la baisse des prix et des volumes de ferrailles nous incitent à davantage de prudence sur 2014/15 et 2015/16. Malgré des estimations dégradées, notre objectif de cours reste inchangé à 3€, grâce à l’évolution de la prime de risque et la baisse du nombre d’actions diluées. Suite à la forte hausse du titre d’hier (+22%), nous changeons notre recommandation d’ACHAT à VENTE au regard des incertitudes sur une remontée potentielle des cours des ferrailles.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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