Dynamique de croissance améliorée au T3 - ACHAT - OC 130€
Le CA T3, en ligne avec les attentes, a fait apparaître une amélioration de la dynamique de croissance malgré l’impact négatif des catastrophes naturelles. Nous abaissons nos estimations de BNA 2017-19e de -3,3% afin d’intégrer l’évolution de la parité euro/dollar. Notre objectif de 130€ est inchangé après mise à jour des paramètres DCF. Nous réitérons notre recommandation ACHAT compte tenu de l’accélération attendue de la croissance organique et d’une valorisation relative attractive. Le résultat des investigations des autorités de la concurrence en Europe et aux Etats- Unis, attendus au plus tard début 2018, constituent le risque principal à CT, même si à relativiser dans l’absolu.Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).
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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