Les incertitudes ne sont pas prêtes d’être levées - NEUTRE, OC 70€ vs 78€
Les résultats S1 2015 et le quasi-avertissement sur l’EBITA 2015 lancé hier après-midi réduisent la visibilité sur les résultats pour un groupe déjà pénalisé par un momentum technologique compliqué (SIM embarqué, paiement mobile). Ceci ne devrait pas permettre de conforter l’objectif d’EBITA 2017 > 660m€, bien au contraire. La visibilité devrait donc rester limitée, au moins jusqu’à la publication des résultats 2015 en mars 2016. La sanction boursière d’hier (-12%) limite toutefois le risque de forte baisse à CT et justifie le maintien de notre opinion à NEUTRE, bien que notre objectif soit abaissé sensiblement (70€ vs 78€ 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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