Le profil value encore très pregnant - ACHAT - OC 6,3€ (vs 6,4€)
Encore une valeur de la distribution de masse qui a connu bien des vicissitudes boursières sur la période récente avant de se redresser depuis le début de l’année (à plus de +15%de perf). Mais nous sommes loin du compte, et le caractère value n’a pas disparu pour autant. Même si la conjoncture ibérique est franchement repartie, la croissance top line de Dia continue à y buter sur des niveaux modestes (moins de +1% en LFL au T1 2017 comme au T4 2016). Alors que dans le même temps, la marge opérationnelle gravite à des niveaux toujours très rémunérateurs… que l’adossement à la franchise contribue à leverager, même si a contrario cela favorise une décote statutaire en termes d’évaluation.Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.
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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