Des leviers de croissance déjà bien valorisés - NEUTRE vs ACHAT - OC 72€ (vs 75€)
Suite au CMD d’hier, les leviers de croissance détaillés par le management nous paraissent intacts mais également correctement valorisés. La guidance MT publiée est en ligne avec nos attentes. Nous abaissons légèrement nos anticipations de marge après 2019 car, à l’écoute de la conférence, maintenir une marge de 38,5% paraît challenging et nécessite une politique d’économies de coûts. A l’approche des réformes prévues en 2018 aux US, nous préférons faire une pause sur le titre tout en gardant à l’esprit que certains éléments pourraient relancer la dynamique (acquisition, surperformance, révision réglementaire aux US…). OC ajusté à 72€ (vs 75€), opinion NEUTRE (vs ACHAT).Diasorin is engaged in the market for in vitro diagnostics. Co. is developing, producing and commercializing diagnostic tests that are designed for hospital and private testing laboratories for use in different clinical areas in the market of immunodiagnostics and molecular diagnostics. In the immunodiagnostics market segment, Co. develops, produces and markets immunoreagent kits based on three different detection techniques. In the molecular diagnostics segment, Co. supplies end laboratories with an automated solution to perform the three steps required for the final diagnostic result.
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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