Chiffres décevants mais stratégie pertinente - ACHAT - OC 71€ (vs 81€)
Après les profit warnings de WPP et Havas lors de leurs résultats S1, la pérennité du modèle des groupes de communication est remise en question. Dans ce contexte, la moindre déception est sanctionnée. Un CA T3 en dessous du consensus et des guidances floues pour le T4 ont fait chuter le cours. Sa stratégie reste cependant adaptée pour répondre aux différents challenges auxquels sont confrontés les groupes de communication et favoriser un rebond de sa croissance. Nous révisons nos prévisions avec des BNA 2017/2018/2019 en baisse de -12%/-9%/-7%pour intégrer une croissance plus faible qu’attendue en 2017. Notre objectif de cours est réduit de 81€ à 71€ du fait de ces révisions et d’un WACC augmenté de 6,47% à 6,98%. Opinion ACHAT maintenue.Publicis is holding company. Through its subsidiaries, Co. is engaged in marketing, communication and digital transformation. Co. designs a customized package of services to meet each client's particular needs through a holistic and global approach. In addition, Co. provides financial markets with information concerning the relative size of each of the different business sectors for the sole purpose of allowing sector comparisons. Co.'s principal activities comprise four main categories: Digital, Advertising, Specialized Agencies and Marketing Services (SAMS) and Media.
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.
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