S1 2016 rassurant à plus d’un titre - ACHAT, OC 75€ vs 70€
Cette publication se révèle rassurante, confirmant la capacité du groupe à améliorer sa marge brute malgré la faible croissance du CA et à maîtriser ses coûts opérationnels. Surtout, maintenant que la perte du contrat Softcard cesse de peser, elle reflète la stratégie de transformation du mix produits (plateforme & services vs cartes). Au-delà de l’impact financier favorable, elle doit permettre de lever des doutes quant à l’avenir du groupe avec l’arrivée de l’eSIM et du paiement mobile. Suite à cette publication, nos BNA 2016-18 sont marginalement abaissés (-2,6%/-1,4%/-1%), mais notre objectif est relevé à 75€ (vs 70€) après actualisation des données de marché. Si la visibilité reste faible dans le contexte de transformation, la sous-évaluation actuelle nous incite à réitérer notre opinion à ACHAT, d’autant qu’une amélioration du momentum pourrait intervenir si Gemalto parvenait à acquérir Morpho.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.
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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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