Forte performance au T3, objectif de marge relevé - ACHAT - OC 63€ (vs 62€)
Le CA T3 publié ressort encore une fois, au-dessus des attentes et en croissance de +15,8% dont +12% lfl. La capacité du groupe à délivrer une surperformance impressionnante (+7pts vs marché auto) ne se dément pas et le groupe révise en hausse sa guidance de marge d’exploitation à « autour de 8% » (vs « légèrement mieux que 2015 » soit 7,7%). Nous relevons marginalement nos estimations 2016/18 suite à ce relèvement de guidance et du fait de la visibilité accrue sur l’accélération du CA. Ainsi, notre objectif de cours est relevé à 63€ (vs 62€ préc.) soit un potentiel de +21%. Nous réitérons notre recommandation ACHAT et nous entrons Valeo dans la Sélection Invest Securities.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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