Renforcement dans la branche Eclairage au Japon - ACHAT - OC 63€
Valeo a annoncé le lancement d’une OPA sur la société japonaise Ichikoh, filiale à 31,6% du groupe depuis 2000. Après l’OPA, le contrôle passera à un niveau maximum de 55,08%, Valeo souhaitant préserver la cotation avec un flottant important. Cette société jusqu’à présent consolidée en SME va donc être consolidée en intégration globale à partir de 2017. L’impact de ce renforcement dans la division systèmes de visibilité est marginalement relutif sur nos BNA 2017 et 2018 (+0,7% et +1,1%). Notre objectif de cours est inchangé à 63€ soit un potentiel de +17%. Nous réitérons notre recommandation 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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