Un CA T3 porté par les acquisitions - NEUTRE - OC 32,1€ (vs 31,7€)
La croissance du T3 2017 ressort à +9,9% mais seulement à +0,6% à périmètre constant. Sur le périmètre historique, ce sont les marchés industriels qui ont tiré la croissance. En organique, le CA de la filière Déchets Dangereux (DD) recule de -2,1% (notamment dans les métiers d’incinération et de valorisation en France) et celui de la filière Déchets Non Dangereux (DND) croît de +3,4% (montée en puissance du centre de tri de Changé). Le groupe indique que le T4 devrait maintenir un même niveau de croissance et confirme ses objectifs annuels. L’ajustement de notre WACC augmente légèrement notre objectif de cours de 31,7€ à 32,1€. Nous maintenons notre recommandation 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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