L'effet de levier joue à plein au S1 - NEUTRE - OC 10,3€ (vs 9,8€)
La société a publié des résultats S1 de bonne facture, supérieurs à nos attentes. La croissance du CA a été légèrement revue à la hausse par rapport à la publication du CA le 4 mai dernier en raison d’une révision de l’impact des ristournes. La marge d’EBITDA progresse de +100bps à 11,3% grâce à l’effet de levier opérationnel mais nous pensons que cette performance n’est pas extrapolable au S2. Nos estimations d’EBITDA sont inchangées mais nos BNA 2017/18e-2018/19e sont relevés de +9%grâce à un taux d’impôt revu à la baisse. Notre objectif passe à 10,3€ vs 9,8€ mais nous maintenons notre recommandation NEUTRE en raison d’une valorisation élevée.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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