Des résultats S1 16 attendus avec une certaine sérénité - ACHAT, OC 78€ vs 76€
Le marché a sanctionné vendredi (-5,1%) le recul de -34% des ventes de SIM au T1 16 qui n’est pas extrapolable sur le reste de 2016 et n’a pas engendré de dégradation de la marge brute de la division. Alors que les 4 autres activités restent très bien orientées, nous attendons avec sérénité la publication des résultats S1 2016 le 26 août. Ils devraient illustrer l’amélioration de la marge brute, 1er levier de croissance des résultats 2016-17, pour envisager d’atteindre la guidance d’EBITA 2017 à laquelle personne ne croît aujourd’hui. Au regard de la valorisation actuelle (PE 2016 de 13,5x, PEG de 0,7x), nous réitérons notre opinion à ACHAT avec un objectif ajusté à 78€ vs 76€ préc.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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