Retour aux fondamentaux organiques - ACHAT, OC 75€
Safran a finalement choisi Advent pour le rachat de Morpho. Gemalto ne bénéficiera donc pas du catalyseur qu’aurait constitué cette opération structurante et certainement créatrice de valeur grâce à des synergies conséquentes. Le thème d’investissement se recentre à nouveau sur la performance organique et la thématique value. A l’image des résultats S1 16, la publication du CA T3 16 le 28 octobre pourrait se révéler rassurante à défaut de brillante, permettant ainsi de crédibiliser la guidance 2016 et réenclencher la revalorisation amorcée fin août mais mise à mal en septembre (-10%). Nous réitérons notre opinion ACHAT avec un objectif inchangé de 75€ (+32%).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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