Encore trop d'incertitudes - NEUTRE - OC 10€ (vs 12,2€)
L’année 2016 se clôture par une perte sévère (-137,9m€ RNpdg). Les perspectives 2017 font état d’une reprise de la croissance sur les marchés des Drones, mais la guidance donnée d’un retour à l’équilibre en 2018 nous semble optimiste. Si le plan de restructuration (coût de 20m€ sur 2017) vise à réduire de 30% les charges opérationnelles, son échéance reste incertaine. Malgré la prise en compte de ce plan (augmentation de nos marges), l’augmentation de notre prime de risque spécifique (WACC de 12,9% vs 8,6% préc.) implique un abaissement de notre objectif à 10€ (vs 12,2€ préc.). L’absence de visibilité à CT nous incite à conserver notre opinion NEUTRE.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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