Une réorientation stratégique à surveiller - NEUTRE - OC 1,7€
Nous reprenons la couverture avec une recommandation NEUTRE et un objectif de 1,7€ dérivant d’une moyenne d’un DCF (1,9€) et de Comparables (1,6€). 2016 sera une année de transition suite au retrait de la zone US sur laquelle de nombreux espoirs avaient été fondés. Néanmoins, avec (i) un faible besoin pour l’instrumentation à usage unique et une concurrence intense aux US et (ii) une performance attractive en Europe et dans le ROW, ce choix de quitter les US pourrait s’avérer payant à long terme. A plus court terme, la croissance devrait être alimentée par l’ouverture de nouveaux pays ainsi que par le renforcement de l’offre sur le marché cervical. L’exercice total des OCABSA, pouvant permettre une levée cumulée de 13m€, permettrait de sécuriser définitivement le développement de la société mais aura un impact dilutif sensible.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.
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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