Trop peu de visibilité - NEUTRE, OC 40€
Le CA T3 17 est légèrement supérieur aux attentes et permet de crédibiliser quelque peu la guidance 2017 réitérée, même si sa réalisation est selon nous loin d’être acquise. Elle dépendra du T4 et de la capacité du groupe à préserver ses marges dans un contexte de décroissance organique. Au-delà de 2017, le discours se veut rassurant à MT/LT (cf. Investor Day prévu en mars 2018), même si le management a reconnu que les tendances négatives sur les segments SIM et Paiement (43% du CA) devraient perdurer au-delà du T4 17. En raison de cette faible visibilité, nous réitérons notre opinion à NEUTRE, même si notre objectif inchangé à 40€ (+15%) pourrait suggérer un biais plus optimiste.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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