Objectifs 2017 maintenus après un s1 juste en ligne - ACHAT - OC 74€
Cette publication S1 17 reflète un T2 perturbé en termes d’activité, avec une croissance du CA qui s’est nettement infléchie pour des raisons temporaires. Le carnet de commandes est, par contre, en accélération et le niveau des marges a été préservé malgré le ralentissement de la croissance du CA et l’intégration d’Ichiko. Le groupe annonce une croissance T3 supérieure à celle du T2 et maintient ses guidances 2017. Nos estimations 2017-19e sont maintenues. Notre objectif ressort également inchangé à 74€. Suite à cette publication, notre opinion ACHAT est confirmée. Valeo est maintenue 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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