S1 au-dessus des attentes, guidances trop prudentes? - ACHAT - OC 51€ (vs 50,3€)
Le groupe a annoncé hier soir des résultats S1 16 d’excellente facture, au-dessus des attentes. La croissance externe (Peiker, Spheros, FTE) vient renforcer un portefeuille d’activités dont la performance en croissance et en marge opérationnelle ne cesse de progresser à un rythme soutenu. Même les inquiétudes sur les impacts du « Brexit » ne modifient pas le discours de la direction, comme toujours raisonnablement optimiste. Par prudence, nous maintenons nos estimations de BNA après un S1 remarquable. Notre objectif de cours (DCF et comparables) se trouve ajusté à 51€ (vs 50,3€ préc) soit un potentiel de +16%. Nous maintenons 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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