Des marges encore sous pression - NEUTRE - OC 28€ (vs 32,8€)
Nous avions dégradé notre opinion d’ACHAT à NEUTRE suite aux résultats S1 2016 qui laissaient craindre une rentabilité sous pression sur 2016-18. Les résultats 2016 confirment ce scénario et les guidances 2017 sont loin d’être optimistes. Si la prise en compte de l’acquisition de Charier nous conduit à relever nos attentes de CA 2017-18, nous abaissons de nouveau nos estimations de rentabilité, avec par conséquent des BNA dégradés de -20,8%/ -22,3%. Notre objectif est réduit à 28€ (vs 32,8€) et nous conservons notre opinion NEUTRE.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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