Faisceaux brouillés - ACHAT, OC 3,6€ vs 3,8€
Le CA 2016 progresse de +2% à 63,3m€, inférieur à nos attentes (+4% à 64,6m€). Le groupe fait également un profit warning, annonçant un recul des résultats 2016. Il faut cependant intégrer la volonté du nouveau management de « nettoyer » les comptes. Il affiche également son souhait de « recherche systématique d’économies, de gains de productivité et de synergies », ce qui va favoriser une amélioration des marges sur 17/18. Le CA 2017 sera pénalisé par la non récurrence d’un contrat dans l’ophtalmologie (2,9m€) en 2016. Nous révisons notre CA 2017 à 63,2m€ vs 64,5m€ et nos EBITA 2016/2017 à 0,3/2,8m€ vs 2,2/3,1m€ initialement. La baisse du cours a déjà intégré la déception sur 2016. Opinion ACHAT maintenue avec un objectif de cours ajusté de 3,8€ à 3,6€.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.
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