Un rapprochement créateur de valeur - ACHAT, OC 8,3€ vs 6,9€
Le rapprochement de Quantel (ci après ex-Quantel) et de Keopsys crée un leader sur le marché européen du laser au moment où cette technologie devient incontournable dans de nombreux développements industriels. Il va favoriser l’amélioration des marges opérationnelles, celles de l’ex-Quantel (1,8% en 2016) rejoignant progressivement celles de Keopsys (18%) grâce non seulement à une rationalisation de l’organisation mais également à la mise en place de nombreuses synergies. Etant donné qu’il s’agit d’une acquisition inversée, les chiffres passés de l’ex-Quantel ont peu de signification. Seuls les pro-forma donnent une vision objective du nouveau groupe. Notre objectif de cours est relevé à 8,3€ (vs 6,9€). 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.
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