AK massive et surprise pour accélérer sur les Drones - VENTE - OC 33,3€ (vs 35,9€)
Le CA T3 2015 ressort en croissance de +22%, l’activité Drone (+60%) venant compenser la baisse de l’activité Auto (-8%). Par ailleurs, et pour la première fois, cette dernière affiche une profitabilité opérationnelle (marge de 5%), même si le trimestre bénéficie de frais marketing allégés (ces derniers étant programmés pour le T4 afin de soutenir les ventes de fin d’années attendues en forte hausse). En revanche, la marge brute continue de se dégrader (46%) du fait de la parité €/$. La surprise vient cependant de l’annonce d’une AK dont le montant (270 à 300m€ vs une capitalisation de 450m€) laisse présager une grosse acquisition. Nous restons à la VENTE sur la valeur avec un objectif ramené à 33,3€ (vs 35,9€), sans intégrer à ce stade l’AK qui risque de peser à CT sur le titre.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.
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