Quelle levée de fonds pour quelles ambitions ? - SOUS REVUE vs ACHAT - OC S.R (vs 13€)
Les résultats 2015 publiés mardi dernier confirment la capacité de la société à délivrer une croissance forte et rentable, et ce, malgré l’effet « courbe en J », inhérente à l’activité. Si les marges opérationnelles sont supérieures à nos prévisions, le résultat net est en revanche obéré par des frais financiers gonflés par la montée en puissance des financements LT ainsi que par un coût supérieur à nos attentes. Suite à cette publication, nous relevons nos prévisions de charges financières 2016-17e et l’impact sur nos BNA se traduit par une baisse de respectivement -74,7% et -7,0%. Enfin, la société a annoncé qu’elle souhaitait renforcer ses fonds propres, afin de poursuivre sa forte croissance et d’élargir son flottant. Une telle opération pouvant changer radicalement son profil de croissance, nous adoptons une recommandation SOUS REVUE (vs ACHAT) en attendant d’avoir plus d’éléments sur l’opération envisagée.Voltalia. Voltalia SA is a France-based holding company engaged in the renewable utilities sector. It designs, develops and operates electric power stations in numerous countries, such as France, French Guyana, Brazil, Greece and Morocco. The Company generates electricity using a variety of renewable energy sources. These include wind, water, biomass and solar power. In addition, Voltalia SA specializes in carbon credit trading activities. The Company operates several subsidiaries, including Anelia and Bio-Bar in France, Voltalia Guyane, SIG Kourou, SIG Mana and SIG Cacao in French Guyana, Voltalia Energia do Brasil in Brazil, Thegero in Greece and Alterrya Maroc in Morocco, among others. The Company is owned by Voltalia Investissement SA.
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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