INVEST SECURITIES - Gemalto : Le scénario du management gagne du crédit - APPORTER, OC 51€
Le T1 2018 se révèle rassurant au regard des déconvenues de 2017. Cette embellie permet de crédibiliser les objectifs 2018 du management. Au regard de la forte saisonnalité attendue des résultats entre S1 et S2 en 2018, nous ne devrions toutefois pas pouvoir constater leur réalisation, Gemalto devant être sortie de cote par Thalès avant leur communication début 2019. Cette publication ne change toutefois pas notre sentiment. Nous conseillons toujours d'apporter à l'offre de Thalès à 51€ par action, notre valorisation par DCF n'arrivant à justifier que 45€.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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