Déception au S1 mais rebond attendu au S2 - ACHAT vs NEUTRE, OC 3,3€ vs 3,5€
Quantel a annoncé jeudi soir ses résultats du S1 2015. La perte semestrielle est de 1,7m€ contre -0,86m€ au S1 2014. Les principales explications de cette contre performance sont l’impact de l’effet dollar sur des pertes plus élevées aux Etats-Unis qu’au S1 2014, un mix produit moins favorable et une hausse des charges de personnel. Le S2 devrait cependant enregistrer un net redressement et bénéficier des nouveaux contrats annoncés récemment. Nous revoyons néanmoins notre prévision de résultats annuels 2015 de 1,9m€ à 500k€, celle de 2016 de 2,6m€ à 1,5m€ et celle de 2017 de 3,2m€ à 2,5m€ . Notre valorisation passe de 3,5€ à 3,3€. Le repli récent du titre a plus qu’anticipé la contreperformance enregistrée au S1 et nous incite à relever notre recommandation de NEUTRE à ACHAT.Quantel and its subsidiaries are engaged in the production, development and distribution of lasers for medical applications mainly in ophthalmology and dermatology. Co. produces lasers for scientific instrumentation involved in research and development and underwater lasers. Co. also provides laser impulses for industrial applications such as laser cleaning or material processing.
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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