INVEST SECURITIES - Quantel : Le meilleur reste à venir - ACHAT, OC 10,2€ vs 8,3€
Les résultats 2017 proforma de Quantel (avec Keopsys) montrent la capacité du nouveau management à délivrer rapidement de très bons résultats. Outre le CA, déjà connu, en croissance de +5,8% (+9,8% hors impact d'un contrat non récurrent en 2016), la marge opérationnelle progresse rapidement à 8,8% (vs 4,6% pour le proforma 2016). L'activité va poursuivre son évolution favorable sur les exercices à venir grâce à des produits très porteurs comme le LIDAR et à la hausse des marges qui devraient se rapprocher de celles de l'ancien Keopsys (18%) plus rapidement qu'anticipé. Quantel ambitionne un CA de 100m€ en 2018 (+17,5%) et une marge opérationnelle en amélioration. Nous relevons nos prévisions et notre objectif de cours à 10,2€ (vs 8,3€ préc). Opinion ACHAT maintenue.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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