Biais plus positif après l’accélération de 2015 - ACHAT - OC 135€ (vs 124€)
Nos anticipations (cf. étude du 4/02/16) sont confortées avec des réalisations 2015 très solides, une visibilité renforcée et une bonne surprise sur la marge de la branche Visibilité. De plus, les guidances 2016 sont rassurantes tant sur la croissance (même en Chine) que sur les marges. Ainsi, nous estimons que (i) le CA 2016 devrait afficher une croissance de +10% après +14% en 2015 et (ii) la marge d’EBITA devrait à nouveau progresser. Après un BNA 2015 en très léger retrait par rapport à notre estimation (-0,7%), nos BNA sur 2016-17 sont revus en hausse de respectivement +4,7%/+2,6%. Notre valorisation donne un objectif relevé à 135€ (vs 124€) soit un potentiel de +14%. Au regard de la performance récente du titre (-17,6% sur 3 mois), du caractère défensif de l’action et de la faiblesse de sa prime vs son secteur, nous relevons notre recommandation de NEUTRE à ACHAT.Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.
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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