Croissance inattendue de l’EBITDA 2014 - NEUTRE - OC 25,2€ (vs 24,5€)
Le retour de la croissance au T4 tirée par les deux filières est supérieur à nos attentes et à celles du consensus. Séché Environnement a surtout annoncé que l’EBITDA 2014 devrait être en croissance alors que le consensus et nous même attendions une baisse. L’ajustement du CA 2014 dans notre modèle induit une révision de notre EBITDA à 79,6m€ (vs 76,5m€ précédemment) et une augmentation de 20,8% de nos BNA. Nous ne modifions pas nos prévisions 2015 et 2016 ce qui implique un croissance du CA 2015 (hors IFRIC 12) de 2,4% et de 4% en 2016. Notre nouvel objectif de cours ressort à 25,2€ (vs 24,5€ précédemment) et nous maintenons notre recommandation NEUTRE au regard d’un potentiel de croissance qui nous semble encore limité.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.
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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