Toujours solide - ACHAT - OC 31€
En croissance organique de +6,2%, le CA du T1 est satisfaisant. Hormis le recul de -4,8% du CA de Lagardère Active en-dessous des attentes (-3%), la performance des trois autres branches est meilleure qu’anticipée. Lagardère maintient une guidance d’une progression de +5% à +8% de son EBITA. Ces bons chiffres confortent la stratégie de sortie des métiers en décroissance (magazines, distribution de presse) pour se recentrer sur les activités en plus forte croissance (travel retail). Ceci conforte le bien fondé de la stratégie de Lagardère et le caractère « value » du titre. Nous ne modifions pas nos prévisions et notre objectif de cours de 31€. 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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