Un potentiel désormais consommé - NEUTRE vs ACHAT - OC 8,6€ (vs 6,8€)
Les résultats 2016/2017 sont portés par la reprise des prix et des volumes de l’activité Services à l’Environnement et une progression de l’activité Multiservices. Les marges, bénéficiant de la hausse du CA et du travail de restructuration réalisé par le groupe ces dernières années sont également en hausse (+1,7 pt pour l’EBITDA). Ces excellents résultats ont permis au groupe de diviser par 2 sa dette nette (111m€ vs 225m€ préc). Après ajustement de nos prévisions (hausse des volumes et des prix), notre nouvelle valorisation ressort à 8,6€ (vs 6,8€ préc), mais le parcours du titre depuis le début de l’année (+120%) nous incite à dégrader notre recommandation d’ACHAT à NEUTRE.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.
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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