Morpho pour faire oublier un S1 16 faible ? - ACHAT, OC 70€ vs 78€
Suite à un contact avec la société pour préparer la publication des résultats S1 2016 le 26 août, nous abaissons de -5% en moyenne nos BNA 2016-18e. Ces dégradations sont la résultante (i) d’un impact change pénalisant (-1pt sur 2016 vs +1pt préc) et (ii) d’une dégradation plus prononcée de la rentabilité de la division Mobile du fait de la forte contraction de l’activité SIM. Nous nous situons désormais en ligne avec le consensus et 12% en deçà de la guidance d’EBITA 2017. Si la visibilité est faible dans le contexte de transformation du mix sectoriel (déclin de la SIM) et du mix produits (plateforme & services vs produits), la très forte sous-évaluation nous incite à réitérer notre opinion à ACHAT, d’autant qu’une amélioration du momentum pourrait intervenir si Gemalto parvenait à acquérir Morpho. En prenant en compte la hausse de la prime de risque, notre objectif est toutefois abaissé à 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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