L'attrait spéculatif compense une année difficile - ACHAT - OC 1,1€
Les résultats 2016 ont été impactés par des conditions de vent défavorables et la société a démontré sa capacité à rester bénéficiaire mais, cette fois, grâce au résultat non récurrent. Par prudence, nous diminuons dans notre modèle les productibles 2017-2019 et ajustons la croissance programmée du parc installé (-9MW en 2018 et +17MW en 2019). Notre objectif de cours ressort inchangé à 1,1€. Au regard de (i) la croissance mécanique qui se traduira par une augmentation des marges (coûts fixes) et (ii) d’une possible évolution capitalistique à CT qui confère un attrait spéculatif, nous conservons notre opinion ACHAT.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.
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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