La dynamique solide continue au S1 - NEUTRE - OC 9,8€ (vs 9€)
Mercredi soir, la société a publié un CA S1 sous-jacent solide. Bien que la croissance (+10,5%) ralentit par rapport à l’année dernière (+13,5%), cela est essentiellement lié au décalage de Pâques. Lors d’un déjeuner organisé hier, le management a réitéré sa stratégie d’ouvertures de points de vente et confirmé la dynamique positive dans l’eau minérale. Notre estimation d’EBITA 2016/17 est légèrement abaissée car nous adoptons une posture plus prudente sur la rentabilité. Notre objectif passe à 9,8€ vs 9€ après mise à jour des paramètres DCF. Nous maintenons notre recommandation NEUTRE en raison d’une valorisation élevée et face à l’absence d’upside.Poulaillon SA is a France-based company, which operates in the caterings area. The Company offers a wide range of services, including buffets (salads, sea products, meats, cold cuts), bakery products with cheese, snacks (sandwiches, pretzels) and pastries (caes, muffins, croissants, fruit, desserts, as well as chocolate fountains), among others. The Company delivers caterings in the Region of Alsace, but it also delivers its products outside the Region for a special order. In addition, Poulaillon SA sells its products in a chain of retail stores throughout France.
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