Structuration nécessaire mais pénalisante à CT - ACHAT, OC 12€ vs 14€
Le renforcement et la structuration des équipes, dans le but d’éviter le goulot d’étranglement rencontré actuellement au niveau du déploiement pour ses offres SaaS, est nécessaire pour être en mesure de leveragerson offre logicielle sur un nombre beaucoup plus important de clients. Ceci s’avère toutefois pénalisant à CT et les 1ers effets positifs ne devraient être perceptibles qu’à compter du T3 17. Nous abaissons nos estimations 2017-20e et par conséquent notre objectif de cours (12€ vs 14€) pour intégrer cet élément. En dépit d’un momentum limité à CT, nous réitérons notre opinion à ACHAT au regard du potentiel de croissance MT/LT.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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