Un S1 augurant de belles perspectives sur Primerdesign - ACHAT, OC 2,3€
La publication du S1 et la baisse du GBP vs EURO ne remettent pas en cause nos estimations en terme de profitabilité sur l’ensemble de l’exercice dans la mesure où : 1) les belles perspectives affichées par Primerdesign sur 2 mois au S1 devraient compenser une moindre performance de Novaprep et Lab21, 2) le management table sur une perte d’EBITDA 2016 voisine de -1m€ vs -0,8m€ att. et un EBITDA positif sur 2017 vs 1,1m€ att., 3) la dépréciation du GBP vs EURO a été en grande partie intégrée dans nos estimations lors de la publication du CA. Nous attendons la communication du groupe sur un plan stratégique d’ici la fin de l’année pour faire d’éventuelles modifications. Nous maintenons notre recommandation à ACHAT et notre objectif de cours de 2,3€.Novacyt is an international diagnostics group. Co. sales clinical products used in oncology, microbiology, haematology and serology testing, focusing on the development, manufacture and commercialisation of molecular, protein and whole-cell diagnostic products. Co. also develops new products for the infectious disease and oncology testing markets. Co. operates it business through three divisions that are principally based in the United Kingdom with additional operations in France, China, Australia and the United States: Primerdesign, NOVAprep® and Lab21.
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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