Continuez de rester à l'écart - NEUTRE, OC 40€ vs 45€
Le principal enseignement de la lecture détaillée du S1 2017 est la dégradation (-5,5pts) de la marge brute de la division Mobile qui devient une source d’inquiétude pour les prochaines publications. Ceci nous conduit à abaisser encore nos attentes (-8% sur les BNA 2017-19e) qui se situent 5% en deçà des guidances 2017. A nouveau, nous conseillons de rester à l’écart du titre, même si le potentiel par rapport à notre objectif de 40€ (vs 45€ préc) nous conduit à maintenir notre opinion à NEUTRE. Nous sommes confortés dans notre préférence pour INGENICO (ACHAT, OC 105€) qui se paie avec 20% de décote pour une visibilité et une dynamique de croissance sans comparaison.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.
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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