Navigue à vue entre les Icebergs - NEUTRE, OC 48€ vs 50€
Le groupe lance son 3ème avertissement sur ses résultats en l’espace de 7 mois, arguant qu’aux difficultés du marché du paiement aux US s’ajoutent (i) la poursuite du fort déclin de la SIM et (ii) des relais de croissance (M2M, Gouvernement, Entreprise, Plateforme Mobile) en panne. Suite à cette publication, nous abaissons à nouveau de -15% nos BNA 2017-19e, sans être certains que ce soit la dernière fois au regard du challenge que constituera le redressement du S2 17. Notre opinion à NEUTRE est plus que jamais réitérée, avec un objectif revu à 48€ vs 50€ 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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