Un potentiel retrouvé grâce aux acquisitions - ACHAT vs NEUTRE - OC 31,7€ (vs 29,6€)
Le CA T1 2017 est d’excellente facture (+18,4%), porté à la fois par la croissance organique (+5,7%) et les acquisitions. La croissance de l’activité Déchets Dangereux (DD) est toujours très soutenue alors que celle de l’activité Déchets Non Dangereux (DND) est impactée par des substitutions de flux au profit des DD dans l’incinération. Nous intégrons dans notre modèle Solarca, 3ème acquisition du groupe sur le trimestre avec à la clé des BNA 2017-2019 relevés de +7,9%/+4,4%/+3,6%. Notre nouvel objectif ressort à 31,7€ (vs 29,6€) et la dynamique de croissance enclenchée ce trimestre nous incite à relever notre recommandation de NEUTRE à ACHAT.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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