Report
Peter Farren

Valorisation pleine après un superbe parcours - NEUTRE vs ACHAT - OC 9€

Les résultats annuels publiés jeudi dernier ont montré que la dynamique de croissance des ventes ne faiblissait pas et l’eau minérale a enregistré ses premières ventes (0,2m€) Toutefois nous avons été un peu déçus sur la croissance de l’EBIT et dans ce contexte, nous dégradons notre recommandation à NEUTRE suite au très beau parcours boursier (+58% depuis l’IPO en décembre 2015). Si la société jouit de bonnes perspectives de croissance (TMVA du CA de +12% et de l’EBITDA de +15% pour les 3 prochaines années), la valorisation actuelle laisse peu de marge d’erreur.
Underlying
POULAILLON SA

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.

Provider
Invest Securities
Invest Securities

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.

Analysts
Peter Farren

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