Report
Laurent Wilk

2015, l’année du renouveau - ACHAT vs SOUS REVUE - OC 1,07€

Le CA 2014 ressort en hausse de 5% malgré des conditions de vent globalement défavorables au T4 et la baisse des capacités exploitées pour compte de tiers. Ce chiffre légèrement en deçà de nos prévisions (104m€) ne remet pas en cause les fondamentaux de la société. Même si le RN 2014 sera encore négatif, la restructuration menée à marche forcée fin 2014 a changé la donne : le spectre du défaut a disparu et la poursuite de l’amélioration de la marge opérationnelle combinée à celle du résultat financier devrait rapidement amener la société à l’équilibre. Nous passons à l’ACHAT (vs SOUS REVUE) avec un objectif de cours de 1,07€ (+67%).
Underlying
Futuren SA

Futuren is an independent producer of electricity from wind power based in France with a focus on onshore wind energy. Co. designs, builds and operates onshore wind farms in Germany, France, Morocco and Italy. Co.'s operations cover the entire value chain for producing electricity from wind energy: prospecting, development, construction and operation of wind farms. Co. operates 1,194 megawatts (MW), of which 301 MW were held for own account, 337 MW were controlled and 556 MW were operated for third parties. Co.'s portfolio of wind projects totaled 580 MW, of which 219 MW of projects having obtained a building permit or being under construction.

Provider
Invest Securities
Invest Securities

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.

Analysts
Laurent Wilk

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