Un titre clairement value mais sans momentum à CT - ACHAT, OC 73€ vs 74€
Cette publication T3 remet en lumière les difficultés de l’activité SIM et sa faible visibilité. Afin d’intégrer cet élément, nous abaissons nos BNA 2015-17e (-7,6%/-7%/ -6,2%) et retenons un EBITA 2017e inférieur de 10% à la guidance (>660m€). Si celle-ci n’est pas inatteignable compte tenu du business model de Gemalto (croissance modérée du CA et fort levier sur les coûts opérationnels), tout l’enjeu est de quantifier l’accélération des résultats sur 2016-17. La publication des résultats S1 16 en août prochain sera donc cruciale, mais cela augure d’un momentum financier réduit pour plusieurs mois. Malgré cet élément, l’aspect « value » nous conduit à réitérer notre opinion à ACHAT adoptée début septembre, avec un objectif de 73€ vs 74€ 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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