LISI : Privilégier sa forte exposition Aéronautique (80% de l’EBIT) vs Automobile (10% de l’EBIT)
A l’appui de solides résultats annuels qui renouent avec croissance et amélioration des marges (+80 pb pour la MOPC), la dynamique devrait perdurer principalement portée par l’Aerospace (+20%e pour le CA). De plus, le levier opérationnel reste intact avec un potentiel d’amélioration de 400 pb de la MOPC d’ici à 2030. La valorisation traduit une décote de 33% vs les comparables, après la sous-performance du titre vs le secteur Aerospace. OC relevé à 37 € vs 32 € (comparables, DCF et marges normatives). Opinion Surperformance inchangée. Le titre figure dans notre European Midcap List.LISI manufactures multifunctional fasteners and assembly and structural components for three business sectors: aerospace, automotive, and perfurmery. Co.'s activities are also split into three divisions: LISI Aerospace division, LISI Medical division and LISI Automotive division. LISI Aerospace division produces fasteners and assembly components for the aerospace and motor racing markets. LISI Medical division produces medical implants and is a sub-contractor of auxiliary parts. LISI Automotive division produces automotive fasteners and assembly components.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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