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Bnp Broker

In: Business and Management

Submitted By YannFag
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Bon CA T4 et départ de S. Weinberg

Opinion boursière

(1 à 5 : 1 = achat fort ; 5 = vente)

La publication d'une activité bien orientée dans le pôle Luxe en novembre/décembre a soutenu le titre. L'annonce du départ de S. Weinberg, président du directoire de PPR constitue une mauvaise nouvelle.

Néanmoins, la continuité est privilégiée avec son remplacement par François-Henri Pinault, celui-ci ayant déjà exercé des fonctions dans le groupe. Une faiblesse du titre constituerait pour nous une opportunité d'achat. Objectif de cours revu de Eur90 à Eur95 en raison des bonnes performances délivrées par Gucci au T4.

Valorisation : à Eur78.6, PPR se traite avec une légère décote sur le secteur (4%). Notre objectif de cours (Eur95) repose sur une prime cible de 10% sur la distribution spécialisée, niveau qui serait justifié par un profil supérieur de croissance. Par somme des parties, en valorisant Gucci avec une décote de 10% sur son secteur, on obtient un PER cible de 15.9 fois, soit un objectif de cours de Eur100.

Commentaire

Bonne tenue des ventes au T4

La performance commerciale au T4 s'avère satisfaisante à +5.8% (+5.7% au T3). Le pôle Grand Public affiche une accélération de son dynamisme commercial (+5% au T4 en comparables contre +3.9% au T3). La performance du pôle luxe s'avère en retrait (+10.6% en comparables), toutefois, retraité du très mauvais mois d'octobre, l'activité est soutenue (+17.1% sur le seul bimestre novembre/décembre).

Départ de S. Weinberg de la présidence du groupe

L'annonce du départ de S. Weinberg est une mauvaise nouvelle. Président du directoire depuis 1995, S. Weinberg jouissait d'une solide réputation auprès de la communauté financière. Son remplacement par François-Henri Pinault, fils de François Pinault, assure la continuité. F.H. Pinault a déjà exercé des fonctions dans le groupe : PDG de CFAO et président de la Fnac notamment.

Un potentiel boursier inaltéré

Si l'année 2005 devrait se traduire par une faible croissance bénéficiaire (+4%, cession dilutive de Rexel), PPR devrait renouer en 2006 avec une solide progression de son BNPA (+16%). A 12.5 fois les bénéfices 2005 (hors svl) , la valorisation de PPR ne reflète pas, à nos yeux, le potentiel de croissance et le statut du groupe (40% de l'EBIT venant du luxe).

Répartition géographique

Profil d'activité

Répartition par activité…...

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