Report
Claire Barbaret

INVEST SECURITIES - Agrogener&ation : Dilution minimale pour une flexibilité retrouvée - ACHAT ; OC 0,59€ vs 0,6€

L'émission de 20m€ d'ORNANEs assorties de BSA annoncée le 6 juin aura un impact dilutif limité voire nul sur les BPA d'AgroGeneration. Ceci sera d'autant plus vrai si le groupe n'émet pas la totalité des 29 tranches. Or, AgroGeneration décide de l'émission des tranches facultatives. Etant données les bonnes récoltes annoncées pour 2018, un début de redressement du prix des matières premières agricoles et l'impact positif sur les résultats du remboursement des OSRANE 2015 (mars 2019), nous estimons que les 26 tranches facultatives ne seront pas toutes émises. Nous révisions marginalement notre objectif de cours à 0,59€ (vs 0,6€ préc). Opinion ACHAT maintenue.
Underlying
Agrogeneration SA

Agrogeneration SA. Agrogeneration SA is a France-based company engaged in the fishing and farming industry. The Company is a producer of grain and oilseeds. Following its merger with Harmelia, the Company becomes the producer of grain and oilseeds in Ukraine. Agrogeneration SA focuses mainly on the production in Ukraine, both in terms of cultivated acreage and operational efficiency. The Company follows traditional crop rotation and puts money into fertilizers, seeds, and agricultural chemicals for the purpose of achieving profitability crop. Operated farmlands of Agrogeneration SA are located in five regions of Ukraine, such as Kharkiv, Lviv, Sumy, Zhytomir and Ternopil, which represent standards and a propitious climate for achieving yields.

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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