Une dynamique confirmée - ACHAT - OC 126€ (vs 124€)
Suite aux résultats S1 2015 publiés hier, nous abaissons nos estimations de BNA de -4%, -3% et -1% dans la période 2015-17 en raison d’un taux d’impôt plus élevé que prévu en 2015 et 2016. Notre objectif passe à 126€ vs 124€ en raison de la baisse du taux sans risque (1,16% vs 1,39%) dans notre DCF. Après une hausse de 10% depuis notre initiation du 7 juillet, le titre offre un potentiel de hausse limité à CT mais l’accélération attendue du momentum nous conduit à réitérer notre recommandation ACHAT.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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