Accélération confirmée de la croissance - ACHAT - OC 5,8€ (vs 6,1€)
Suite à un CA 2015 (25,9m€, +63%), légèrement supérieur à nos attentes et conformément au changement de modèle opéré par le groupe, les résultats 2015 publiés mardi dernier font apparaître un EBITDA en forte progression en masse (+17%) mais qui se tasse (marge de 8,8% vs 12,3% en 2014). Ceci illustre les effets du changement de modèle (vente de parcs après financement en propre et construction vs vente à des tiers investisseurs). L’acquisition de Sénergie fin 2015 et l’accord signé avec Jayme da Costa début 2016 devraient permettre la poursuite d’une forte croissance du CA. Suite à cette publication, nous relevons nos prévisions de CA 2017-18 mais abaissons la marge opérationnelle normative de notre DCF. Nous réitérons notre opinion ACHAT avec un objectif de cours de 5,8€ (vs 6,1€) soit un potentiel de +55%.Global EcoPower. Global Ecopower SA, formerly Energeo Environnement SA, is a France-based company specializing in building power stations and producing electricity from photovoltaic energy. The Company covers all development stages to electricity production, including land prospecting, drafting and signature of leases, technical studies, modeling, technical and financial optimization, impact studies, administrative requirements, search for suppliers, organization, piloting and coordination, reception, industrial commissioning, financing and client prospection. The Company operates through subsidiaries, including Solar EcoPower, BTP Consult, Global Ecopower Construction, AT Farming and AT Solaire. It operates through Mse Le Haut Des Epinettes SAS.
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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