Repli exagéré au vu de l’amélioration des perspectives - ACHAT vs NEUTRE - OC 82€ (vs 98€)
Le groupe a publié des résultats 2015 au-dessus des guidances, du consensus et de nos prévisions. Le discours est rassurant sur la volonté d’afficher désormais une marge d’EBITA supérieure à 5% (5,1% réalisé en 2015) avant d’atteindre l’objectif d’un CA de 50Mds€ (45,3Mds€ en 2015). Nous maintenons nos prévisions de CA et de marge d’EBITA sur 2016-2018. En revanche, la bonne performance de Nissan devrait apporter, sur la période, des résultats en SME supérieurs à nos anticipations, que nous relevons. Seul point noir : la contribution d’Avtovaz pèse lourdement en 2015 (-620m€) et risque de demeurer pénalisante en 2016 et 2017. Au total, nos BNA sont revus en hausse de respectivement +4,3% et +8,6% sur 2016-17e. Nos valorisations (DCF et comparables) font ressortir un objectif de 82€ (vs 98€ préc.). Malgré un marché compliqué pour les cycliques et le risque spécifique « diesel », nous revenons à l’ACHAT.Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
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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