Une sanction excessive à mettre à profit - ACHAT, OC 78€
Le titre a été violemment sanctionné hier (-7,3%) après l’avertissement de CPI Card sur fond de migration EMV aux US plus faible qu’escompté en 2016. A travers ces nouvelles guidances, ce petit acteur US ne fait finalement qu’adopter la position prudente de Gemalto quant à la dynamique de croissance de son activité Paiement (34% du CA) en 2016, ce qui est en ligne avec nos prévisions (+4% attendus pour le CA Paiement US). De plus, la migration EMV aux US est loin d’être le seul levier de croissance pour Gemalto et ce dernier est aujourd’hui davantage focalisé sur l’amélioration de sa marge brute pour atteindre des objectifs 2016-17 auxquels personne ne croît aujourd’hui. Si Gemalto risque de manquer de momentum jusqu’aux résultats S1 2016 le 26 août, nous considérons les niveaux actuels particulièrement attractifs au regard de la valorisation (PE 2016 de 12,6x, PEG de 0,6x). ACHAT et objectif de 78€ réitérés.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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