Report
Claire Barbaret

Toujours en direction de l'E.toile

Le résultat S1 reflète la mise en place de la stratégie d’AdVini. La progression du CA (+3,8%) met en évidence l’accélération du pôle Maisons de vins et vignobles au détriment du pôle Produits et services à plus faible valeur ajoutée. Ce phénomène favorise une hausse de 3,7pts de la marge brute. Par contre, le coût des développements réalisés en 2016 (ERP, équipes de ventes, marketing) pèsent sur l’EBITDA (-13,3%) et l’EBIT (-43%). Même s’ils vont permettre une accélération de l’amélioration des marges à partir de 2018, nous abaissons nos prévisions 2017/2018 et maintenons notre objectif de cours à 40€ et notre opinion ACHAT.
Underlying
Advini

Jeanjean and its subsidiaries are engaged in the production and distribution of wine in France and abroad in bulk or bottled. A small part of its operations includes the production of wine from purchased grapes.

Provider
Invest Securities
Invest Securities

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.

Analysts
Claire Barbaret

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