INVEST SECURITIES - Parrot : Un cadeau de Noël inespéré - APPORTER vs VENTE ; OC 3,2€ vs 1,4€
Après l'annonce d'un T3 catastrophique et une chute brutale (-55%) du titre le 23/11, Horizon (holding familiale de M. Seydoux) indique avoir racheté un bloc de 9,59% du capital à un actionnaire au cours de 3,20€, portant sa participation à 45,69%. Ceci l'oblige à offrir la même liquidité à l'ensemble des actionnaires et donc à annoncer le lancement d'un projet d'OPA à un prix au moins équivalent. Selon nous, Parrot risque de présenter à l'avenir de nombreux trimestres de consommation de cash et même si la trésorerie s'élève à 170m€, il s'agit d'une porte de sortie inespérée, le prix proposé faisant ressortir une prime de 130% par rapport à notre valorisation fondamentale. Nous conseillons d'APPORTER à l'offre.Parrot is a global player in wireless mobile phone accessories, specialized in designing and marketing wireless devices for mobile phones. Co. activities cover both retail customers (installed hands free kits, Plug & Play hands free kits and Multimedia products), and auto industry professionals. Co. developed three retail product ranges: two for vehicles and one for the house. Vehicle products are hand-free kits installed, in most cases, by professionals after vehicle purchase; and Plug & Play products, which are hands-free systems usable upon purchase. House products include multimedia products, allowing users to share multimedia contents on mobile phones.
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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