Une faiblesse passagère - ACHAT, OC 9,1€
La croissance organique du revenu T1 d’Havas est en deçà des attentes du consensus (+2,2%) à seulement +0,1%. Ceci est imputable à de moindres investissements de certains clients mais ne remet pas en cause les perspectives sur l’exercice d’une progression comprise entre +2% et +3% et d’une hausse des marges. Nous ne modifions pas notre prévision à +2,8% sur l’ensemble de l’exercice. Vivendi a réaffirmé lors de son AG l’intérêt d’une intégration d’Havas. Le caractère spéculatif combiné à la poursuite de la croissance du groupe, motivent notre opinion ACHAT avec un objectif de cours inchangé à 9,1€ (hors prime d’acquisition).
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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