INVEST SECURITIES - Horizontal Software : La rentabilité comme priorité CT - ACHAT, OC 7,1€ vs 11€
Le mois de juillet a été riche en annonces (CA T2, OCEANE, actualisation du plan stratégique). La contrainte financière a en effet forcé le management à revoir sa copie, en se concentrant sur l'atteinte de la rentabilité (T4 18), au détriment de la croissance et du potentiel de rentabilité MT/LT. Dans ce contexte, nous abaissons sensiblement nos estimations de CA 2018-20 (>-20%) pour tenir compte notamment d'une monétisation de Yootalent différée. Si l'atteinte de la rentabilité devrait être permise à CT grâce au plan d'économies annoncé, l'abaissement du potentiel de rentabilité, ainsi que la dilution liée aux OCEANE, nous conduit à abaisser notre objectif à 7,1€ (vs 11€ préc). Nous restons à l'ACHAT en raison de la faible valorisation, même si le titre devrait manquer de momentum CT.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.
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.