Bons résultats mais déjà dans les cours - NEUTRE - OC 15,4€ (vs 10,9€)
Les résultats S1 2017 confirment la montée en puissance de Sinès, associée à une réduction des coûts (MP, fixes et salariaux). Les rentabilités sont ainsi en forte amélioration même si l'équilibre global n’est pas encore trouvé. Notre principal ajustement concerne le prix de vente moyen des carburants (185€/t vs 145€/t) ce qui impacte favorablement nos EBIT 2017/20. Associé à l’amélioration des résultats financiers (remboursement de l’ORNANE en actions nouvelles en septembre), ces effets sont bien supérieurs à la dilution induite. Notre nouvel objectif ressort à 15,4€ (vs 10,9€) mais le parcours du titre (+26% depuis 3 mois) nous incite à conserver notre recommandation de NEUTRE.Ecoslops SA. Ecoslops SA is a France-based company principally engaged in the converting pertroleum residues from shipping (slops and sludge) in new marine fuels recycled. The Company offers seaports, residues collectors, ship-owners and bunker suppliers with a technology to recycle oily waste of ships. Ecoslops SA is active in promoting the development of the P2R unit by its incorporation in a more global plant: Oil Waste Processing Plant (OW2P). The OW2P technology combines a refining petroleum process (P2R) with appropriate clean water. The Company recycles the waste in order to be used in electricity production and steam production among others. The Company's fuel production is located in the port of Sines, Portugal.
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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