Recovery acquise mais levier questionnable - VENTE - OC 1,74£ (vs 1,76£)
TESCO a opéré un turnaround convaincant dont le dernier exercice clos est le 1er à entériner les effets en année pleine. Si cette trajectoire doit se prolonger, et même si Tesco possède un leadership bien supérieur par exemple à celui de Carrefour en France, il est cependant loin d’être immune à la mutation qui s’opère Outre-Manche avec la montée en puissance du hard discount. Avec un pouvoir de nuisance accru dans le contexte d’un Brexit en lui-même de nature à détruire de la valeur. Accroître encore son exposition par l’acquisition de Booker n’est pas non plus la panacée, sachant que Tesco a sacrifié une partie de son internationalisation sur l’autel de la contrainte financière.Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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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