Une acquisition nettement relutive - ACHAT - OC 151€ (vs 146€)
Le groupe a annoncé hier soir avoir conclu l’acquisition de la société allemande FTE Automotive qui entrera en périmètre au sein de la branche Systèmes de propulsion début 2017. Cette 4ème opération de croissance externe depuis fin 2015 apportera un CA additionnel de plus de 500m€ avec un impact relutif dès la première année. Si la taille de FTE Automotive est relativement modeste en CA, ses marges sont très élevées avec un EBITDA supérieur à 100m€. Selon nos estimations, incluant cette acquisition au 1er janvier 2017, les BNA 2017 et 2018 sont relevés de respectivement +7,7% et de +7,6%. Notre objectif de cours (DCF et comparables) se trouve rehaussé à 151€ (vs 146€ préc). En conséquence, 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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