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.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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