Une « value stock » toujours intéressante - ACHAT - OC 31€
La finalisation de la cession de la distribution en Belgique et un contact avec la société nous amènent à faire un point sur 2016 et à réviser nos prévisions (publication du CA et des résultats 2016 les 9/02 et 8/03 prochains), en intégrant plus précisément les effets de changement de périmètre. Nous diminuons les CA 16/17 de -3,9%/-5,3% à 7 214/ 7 058m€ et les EBITA 16/17 de -9,4%/-7,8% à 378/402m€. Notre objectif de cours est maintenu à 31€/titre (basculement sur 2017), intégrant une décote de 15% sur notre SOP. Malgré sa hausse récente, le titre présente toujours un profil de risque limité avec une décote de 29,4% sur son ANR et un rendement de 5,1%. Opinion ACHAT réitérée.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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