Report
Laurent Wilk

INVEST SECURITIES - Seche Environnement : La nouvelle dynamique est confirmée - ACHAT ; OC 35,5€ vs 34€

Les résultats S1 2018 confirment le retour d'une croissance soutenue et à l'amélioration des marges : en France, notamment grâce à de forts effets volumes et à l'international, avec une forte progression des CA des acquisitions récentes. Ces dernières profitent également d'une « mise à niveau » de leurs marges, plus en conformité avec les standards du groupe. Suite à cette publication, nous modifions légèrement notre modèle, mais l'impact sur nos BNA 2018-2020e est marginal. Notre objectif bénéficie de la baisse de notre WACC et ressort à 35,5€ (vs 34€ préc). La dynamique confirmée devrait se poursuivre au S2, ce qui conforte notre recommandation ACHAT.
Underlying
Seche Environnement SA

Seche Environnement offers environmental management solutions for industrial clients or local authorities. Co. operates waste treatment and recovery facilities and develops tools to produce energy from waste. Co. also collects and sorts all types of waste, whether household or industrial, hazardous or non-hazardous. For local authorities, Co. manages household waste and other environmental concerns. Co. is engaged in thermal treatment, storage, methanization of household waste and production of alternative fuels. For industrial clients, Co. has developed products and services for handling industrial waste from waste production sites to elimination facilities.

Provider
Invest Securities
Invest Securities

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.

Analysts
Laurent Wilk

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