INVEST SECURITIES - Lagardère : Le recentrage se matérialise et crée de la valeur - ACHAT, OC 31€
Le CA T3 est satisfaisant avec une croissance organique de +2,6% au-dessus des attentes. La guidance 2018 d'une croissance de l'EBITA entre +1% et +3% est confirmée. Mais, plus que ces chiffres positifs, le fait que le recentrage du groupe, annoncé il y a un an, prenne forme et devienne réalité constitue l'élément majeur de cette publication. Ce processus devrait être finalisé à la fin du S1 2019 sur des bases de valorisation supérieures de 20% à 30% à celles retenues par le consensus pour Lagardère Active et le sport. Une fois ces cessions réalisées, les coûts corporate vont être significativement réduits. Opinion ACHAT maintenue avec un OC à 31€.Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.
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