Bien plus qu’un lot de consolidation - NEUTRE, OC 53€ vs 50€
Quelques semaines après l’échec du rachat de Morpho, le groupe trouve en l’acquisition de l’activité Identity Management de 3M plus qu’un lot de consolation. En rachetant un quasi pure player de la biométrie, Gemalto limite les risques d’exécution d’une acquisition qui vaut davantage pour les synergies de revenus que les synergies de coûts. Relutive de près de +10% sur le BNA à compter de 2018, cette opération nous conduit à relever notre objectif à 53€ vs 50€. Néanmoins, elle ne saurait suffire à relever notre opinion. La hausse des coûts de plus de +10% sur l’activité acquise souligne que Gemalto est dans une phase d’investissement, laissant derrière elle son business model historique (faible croissance du CA, levier sur la marge brute et maîtrise des opex). La présentation du nouveau plan stratégique en 2017 devrait permettre de lever le voile sur ces incertitudes, mais en attendant, nous restons dans une position de status quo.Gemalto is a holding company. Co., through its subsidiaries, provides digital security solutions, mobile connectivity, identity and data protection, credit card safety, health and transportation services, e-government and national security by supplying to governments, wireless operators, banks and enterprises a wide range of secure personal devices, such as subscriber identification modules (SIM) in mobile phones, smart banking cards, electronic passports, and USB tokens for online identity protection. Co. also provides software, systems and services to help its customers achieve their goals. Co. operates in three business segments: Mobile Communication; Secure Transactions; and Security.
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