Plus de retard qu'escompté - ACHAT, OC 10,8€ vs 12€
Si le CA T2 ne réserve pas de surprise par rapport à nos attentes, le retard pris dans la monétisation de Yootalent (en dépit du succès de son offre gratuite), ainsi qu’un effet plus lent qu’escompté de la réorganisation des équipes commerciales, nous conduisent à abaisser nos estimations. Notre objectif par DCF est également réduit à 10,8€ (vs 12€ préc), intégrant 7€ pour Yootalent. La monétisation de l’offre SaaS-App au cours des prochains mois sera donc un élément crucial pour réenclencher la croissance du CA, et surtout la revalorisation du titre. En dépit d’un momentum réduit à CT, la faible valorisation nous conduit à réitérer notre opinion à ACHAT.Horizontal Software SAS is a France-based company primarily engaged in the provision of enterprise software. The Company focuses on developing and commercializing a horizontal software platform that enables complete human resources (HR) management. The platform is distributed in software as a service (SaaS) mode and cloud architecture, as well as application mode. Its options includes e-recruitment, interviews analysis, employees data administration, browsing candidates profiles, analysis of custom HR factors, such as teams activity, absences and trainings, processing of payroll, validation of medical documentation, time management, as well as planning and optimization of HR resources, among others.
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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