INVEST SECURITIES - Worldline : T1 sans surprise et toujours pas d'acquisition - VENTE, OC 35€
Le T1 2018 s'inscrit dans la dynamique organique bien huilée du groupe. C'est donc sans surprise que le management réaffirme ses objectifs 2018-19. Le seul problème selon nous, c'est que la valorisation actuelle (PE 2018-19e 32,4x-27,2x) intègre déjà la création de valeur liée aux futures acquisitions permises par un trésor de guerre de plus de 2Mds€. Nous adoptons toujours une position plus prudente sur ce point, au vu de la concurrence féroce sur chaque actif mis en vente, ce qui nous incite à réitérer notre opinion VENTE et notre objectif de 35€.
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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