Report
Laurent Wilk

2015, l’année du renouveau…suite ! - ACHAT - OC 0,9€ (vs 1,07€)

Lors de notre dernier papier du 09/02/15, nous titrions « 2015, l’année du renouveau » et pourtant nous étions loin de penser que quelques mois plus tard la société aurait revendu BTE et changé de nom ! Cette sortie, surprenante au regard du discours du management du début d’année, est expliquée par une meilleure allocation des ressources humaines : la société privilégié ses projets internes davantage créateurs de valeur. L’expérience aura néanmoins permis de prouver que FUTUREN peut gérer le double de MW qu’aujourd’hui. Cette décision stratégique apporte une nette simplification dans l’appréhension de la société et nous conforte dans notre opinion positive. Nous restons à l’ACHAT sur la valeur avec un objectif ramené à 0,9€ (vs 1,07€ préc) reflétant la perte de potentiel de BTE.
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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