Eclairage sur la transition - NEUTRE vs ACHAT, OC 3,9€ vs 4,2€
Quantel a annoncé avant-hier la cession par Alain de Salaberry, PDG, de sa holding Eurodyne à Esira, holding du groupe Keopsys sur la base d’un prix de 5,25€/titre (5,8€/titre avec les earn outs). Cette opération organise favorablement la succession entre Alain de Salaberry, 67 ans, et un entrepreneur plus jeune, Marc Le Flohic. Des synergies vont être développées entre les filiales opérationnelles. Parallèlement, Quantel annonce une augmentation de capital de 2,5m€ dont les modalités définitives seront connues avant fin octobre. La dilution devrait être limitée à moins de 10%. Nous ajustons nos estimations pour tenir compte d’une activité inférieure à nos prévisions dans l’industriel et le scientifique sur fin 2016 et de l’impact de l’attribution de 315 000 actions gratuites. Les CA 2016/2017 passent à 64,6m€/64,5m€ (vs 66,2m€/66,2m€), les EBIT à 2,2m€/3,1m€ (vs 2,5m€/3,4m€) et les BNA à 0,21€/0,31€ (vs 0,26€/0,36€). Notre objectif de cours est revu à la baisse à 3,9€. Opinion NEUTRE (vs 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.