Séché Environnement : Croissance, résilience, opérations M&A relutives
Les performances décevantes de 2025 ne remettent pas en cause notre thèse d’investissement reposant sur le redressement des marges (France et International), la poursuite de la montée en puissance à l’international (36% du CA) et l’intégration d’acquisitions relutives avec un bon track record. Parallèlement, le groupe affiche une dynamique organique solide et résiliente (surperformance du PIB). Nous tablons sur une hausse de 21% de l’EBITDA 2026 et un TMVA 2025/28 de 12.5%. Le prochain CMD devrait également constituer un catalyseur. Nous relevons notre OC à 100 € (vs 90 €) et confirmons notre opinion Surperformance.Seche Environnement offers environmental management solutions for industrial clients or local authorities. Co. operates waste treatment and recovery facilities and develops tools to produce energy from waste. Co. also collects and sorts all types of waste, whether household or industrial, hazardous or non-hazardous. For local authorities, Co. manages household waste and other environmental concerns. Co. is engaged in thermal treatment, storage, methanization of household waste and production of alternative fuels. For industrial clients, Co. has developed products and services for handling industrial waste from waste production sites to elimination facilities.
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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