Marges record au S1 avant l’intégration de FAE au S2 - NEUTRE - OC 31€ (vs 28,5€)
Les résultats S1 16 ont été sans grande surprise si ce n’est sur le niveau des marges qui ressortent au dessus de 10% dans la division Auto et en rebond dans la division Environnement. Surtout, l’accélération attendue au S2 nous conduit à relever nos BNA. L’intégration des Extérieurs de Faurecia intervient à compter de fin juillet. Le groupe confirme les synergies et nos estimations sur l’impact de FAE sont inchangées (Cf Flash, 13 juillet). Au total nos BNA 2016-18 sont revus en hausse de +2,7%/+8,4%/+8,5% et notre valorisation par DCF et comparable est relevée à 31€ (vs 28,5 €). Au regard du potentiel de +10%, notre opinion NEUTRE est maintenue.Compagnie Plastic Omnium is a manufacturing and services company which partners with car manufacturers and local communities, through its two core businesses which are Automotive Equipment and Environment. Co.'s activities can be divided into two divisions: the Automotive division and the Environment division. The Automotive division designs, manufactures and sells vehicle body parts (exterior parts and modules) and plastic fuel systems. The Environment division provides products and services for local authorities, including waste pre-collection and management equipment and services, and road and highway signage.
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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