Une année 2017 clé pour lever le voile sur Martifer - ACHAT - OC 11,8€ (vs 12,2€)
Si la croissance est toujours au rendez-vous (CA 2016 +87%, EBITDA +87%) grâce à la mise en exploitation régulière de nouveaux parcs, l’intégration de Martifer (5 mois en 2016) a pesé davantage que prévu sur la rentabilité. Les frais financiers ont également été pénalisés par la hausse des taux longs au Brésil (7,5% en 2016 mais orientés à la baisse cette année) et le recours à des financements CT (proches de 12%). La société reste cependant très confiante sur ses prévisions 2019 mais ne donne toujours aucune indication sur 2017-18 concernant Martifer Solar, qui reste la principale inconnue. Notre nouvel objectif ressort à 11,8€ (vs 12,2€), nous conservons notre opinion ACHAT.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.
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