Rien à espérer pendant un long moment - NEUTRE, OC 50€ vs 60€
Comme estimé hier matin en 1ère approche, nous abaissons nos BNA 2017-19e de -12%/-11%/-10%, tandis que notre objectif de cours est abaissé à 50€ vs 60€ préc. La valorisation post-révisions (PE 2017-18e de 14,0x-11,9x, EV/EBITA de 11,1x-8,9x) ne constitue pas un soutien à nos yeux, nos estimations se révélant extrêmement fragiles compte tenu de la faible visibilité entourant les 2 principales activités du groupe (Paiement et SIM). Alors que ces incertitudes devraient perdurer, nous ne voyons aucun catalyseur à CT permettant une revalorisation du titre.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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