Finalement en avant ! - ACHAT - OC 31€
Le CA T4 publié (1 984m€, +2,4%) constitue une bonne surprise en étant supérieur à nos attentes et à celles du consensus (IS : 1 844m€/-0,4%, consensus : 1 971m€/+0%). La baisse dans l’édition de livres a été limitée malgré un effet de base difficile et le travel retail a finalement été peu impacté par la baisse de fréquentation des touristes chinois. Le groupe relève sa guidance de croissance de l’EBITA sur l’année à +13% (vs +10%). Ceci nous incite à relever nos prévisions après les avoir abaissé récemment suite à un message très prudent de la société concernant le T4. Notre objectif de cours reste inchangé à 31€ (hausse du taux sans risque). Opinion ACHAT maintenue.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.
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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