Un positionnement attractif à MT/LT - ACHAT - OC 26,5€
Nous réitérons notre recommandation ACHAT sur GrandVision (GV) avec un objectif par DCF de 26,5€ (+27%). Les résultats T2 publiés le 1er août ont fortement déçu le marché mais les facteurs qui pèsent sur les résultats à CT devraient être bénéfiques à MT/LT. Les points clés de notre thèse d’investissement sont : (i) la taille critique de GV lui permet d’appliquer des prix ultra-compétitifs grâce à l’optimisation des achats, pour nourrir un cercle vertueux de gains de parts de marché; (ii) une amélioration graduelle de la rentabilité, tirée par des gains d’efficacité et un mix produits favorable et (iii) une génération importante de FCF permettant de financer la croissance externe.GrandVision offers wide access to vision services and products, which includes prescription glasses, contact lenses and care products, and sunglasses both with and without prescription lenses. Co.'s exclusive brands includes: Frames (5th Avenue Heritage, Activ, BeBright, C-line, DbyD, Enzzo, Fuzion, Go Green, Heritage, Julius, IN STYLE, iSwitch, LightFly, Miki Ninn, Play!, Seen, Sensaya, The one, twiins); Sunglasses (Heritage, Seen, Solaris, Unofficial); Lenses (LightView, VariView); and Contact Lenses (Eyexpert, iWear). As of Dec. 31, 2016, Co.'s network includes 6,516 stores across more than 40 countries in Europe, the Americas, and Asia and operates under 29 local retail banners.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.