Report
Peter Farren

INVEST SECURITIES - De'Longhi : Guidance 2018 décevante au niveau des marges - NEUTRE, OC 26€ vs 27€

L'EBITDA T4, un peu en-dessous des attentes, est marqué par la hausse des dépenses marketing. Pour 2018, le management confirme les perspectives top-line, mais indique qu'il compte continuer à investir en marketing, R&D et distribution, signifiant que l'effet de levier opérationnel est incertain. Nous abaissons nos estimations de BNA de -4% et notre objectif passe à 26€ vs 27€. Nous réitérons notre opinion NEUTRE compte tenu d'une valorisation peu attractive (PE relatif à l'Eurostoxx de 1,27x vs une moyenne 5 ans de 1,3x) et d'un consensus qui nous semble avoir pleinement intégré les perspectives de croissance.
Underlying
De'Longhi S.p.A.

De Longhi is a holding company. Through its subsidiaries, Co. operates three divisions: Household, Professional and Corporate. The Household division operates in the domestic appliances market with products for air cooling and treatment, heating, food preparation and cooking, domestic cleaning and ironing. The Professional division operates in the market for large thermo-cooling systems, hydronic terminals, heat pumps and wall-mounted air-conditioning units. The Corporate division which mainly provides corporate services to the group with the functions of setting strategy, of control, co-ordination and management of centralized activities and resources.

Provider
Invest Securities
Invest Securities

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.

Analysts
Peter Farren

Other Reports on these Companies
Other Reports from Invest Securities
Maxime Dubreil
  • Maxime Dubreil
Jamila El Bougrini ... (+2)
  • Jamila El Bougrini
  • Thibaut Voglimacci-Stephanopoli

ResearchPool Subscriptions

Get the most out of your insights

Get in touch