Un S1 solide mais des acquisitions chères - NEUTRE vs ACHAT - OC 31,7€
Les résultats du S1 2017 confirment la dynamique du groupe en organique et en croissance externe. Les croissances des activités Déchets Dangereux (DD) et Déchets Non Dangereux (DND) se sont rééquilibrées au T2 (+4,7%/+1,7%) après l’écart constaté au T1 (+11,1%/-3,5%). Les marges opérationnelles sont restées stables et elles devraient augmenter au S2 grâce aux acquisitions. La seule surprise est le prix des acquisitions (72m€) bien supérieur à notre attente (30m€). La baisse de notre WACC compensant la hausse de la DN, notre objectif ressort inchangé à 31,7€. L’évolution du cours depuis le 31/12/16 (+13,9%) nous conduit à adopter une recommandation NEUTRE (vs 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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