T3 sans surprise, cas d’investissement inchangé - VENTE - OBJECTIF : 34€
Le CA est ressorti parfaitement en ligne avec les attentes, confortant des objectifs 2017 et 2018-19 qui sont d’ores et déjà intégrés par nous-même et le consensus. Nous n’avons pas de raison de changer nos estimations et notre objectif de 34€ (-16%). Nous conservons donc notre opinion à VENTE pour des raisons de valorisation, les niveaux actuels (PE 2017-18-19e de 34,7x-28,5x-24,7x, EV/EBITDA de 17,5x-14,6x-12,6x) intégrant déjà selon nous de nouvelles acquisitions pour lesquelles la concrétisation des opérations et/ou la création de valeur pourraient être mises à mal par la concurrence féroce parmi les consolidateurs du secteur, notamment les fonds de Private Equity.Worldline is a financial transaction processing company based in France. Co's operations are organized along three segments covering payments and digital services: Merchant Services & Terminals (facilitating consumer engagement around end-to-end e-payment transactional services on any device – before, during and after the point of sale); eMobility and eTransactional Services (assists businesses and governments in developing new digital services enabling strategic digital transformation); and Financial Processing & Software Licensing (provides processing services to banks and financial institutions for managing card-based and online cashless payments).
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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