Surperformance confirmée, estimations ajustées - ACHAT - OC 39€ (vs 41€)
La publication T3 17 confirme les tendances du S1 : une croissance soutenue (+10,2% lfl) et une surperformance de la branche Equipement automobile en rebond (+9,1Pts après +10pts au S1). Toutefois, l’intégration de FAE depuis juillet 2016 joue moins sur le périmètre et les impacts changes ont commencé à être négatifs. Nous profitons de cette publication pour intégrer dans nos estimations la cession des activités Environnement (en 2019?). Au total, nos BNA sont ajustés de -2,5%/-2,6% et -4,9%, restants légèrement au-dessus du consensus. Notre OC est abaissé à 39€ vs 41€. L’EV/EBITA 2017e de 8,5x demeure raisonnable au regard des comparables (10,6x). Opinion ACHAT réitérée.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.
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