Des besoins de financement pressants - NEUTRE - OC 1,2€ (vs 1,5€)
Suite à sa publication 2016, le titre a été sous pression hier (-9%). Cependant, la situation devrait s’améliorer en 2017, avec comme moteurs de croissance la France, la dynamique positive à l’export et le déploiement commercial en Allemagne. Les niveaux de marge devraient également progresser à mesure que la société gagne des parts de marché. Le principal risque à CT se situe sur le financement de la société. Plusieurs scénarii sont étudiés dont l’exercice de l’ensemble des OCABSA qui reste, à ce stade, le scénario intégré dans notre modèle. Après mise à jour du DCF, des Comparables et du nombre d’actions dilué, nous abaissons notre OC à 1,2€ (vs 1,5€ préc.). Opinion NEUTRE réitérée.Safe Orthopaedics SAS. Safe Orthopaedics SA is a France-based company principally engaged in the medical devices industry. The Company focuses on the development and commercialization of products for use in spinal surgery. It provides a range of implants and ready to use instrument kits. The Company's product portfolio comprises SteriSpine PS, which is the Pedicle Screw System; and SteriSpine LC, which is the Lumbar Cage System that enables safe implant positioning, as well as access, insertion and placement of the implant. The Company's products are equipped with quick change handle, dual trial and impact removal, among others. The Company mainly uses polyarylamid material, which is a polymar with 50% glass fibers.
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