Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
  • TickerEO
  • ISINFR0000121147
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance
Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra is the world leader in cutting equipment and software (CAD/CAM, PLM) for the fashion, automotive and furniture markets. The current environment offers little visibility and calls for caution on the order intake in the coming quarters. Nevertheless, Lectra will make it through 2020, maintaining strong intrinsic qualities for its sector, namely high revenue recurrence (>60%), solid FCF generation (2021 yield estimated at 5.5%) and a debt-free balance sheet. At the same time, the ...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2020

...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra est leader mondial dans les équipements de découpe et logiciels (CFAO, PLM), destinés aux marchés de la mode, de l’automobile et de l’ameublement. Le contexte actuel offre peu de visibilité et incite à la prudence au regard des prises de commandes des prochains trimestres. Néanmoins, Lectra traversera 2020 en conservant des qualités intrinsèques fortes pour son secteur, à savoir : récurrence élevée du CA (>60%), solide génération de FCF (yield 21e 5.5%), structure bilancielle s...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2020

...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : With a € 7bn plan, France is scaling up its hydrogen industry

>€ 7bn to develop a green hydrogen industry in France - On Tuesday 8 September, the French government presented the details of its hydrogen plan with a total budget of over € 7bn. This is a clear increase compared to the € 200m initially anticipated in the 2018 plan, for the development of the industry until 2030. More specifically, € 3.4bn total investment is expected by 2023 to finance this strategy, and up to € 7.2bn by 2030. € 2bn is earmarked in the stimulus plan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and J...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to cyclicals Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. • Actionable Sectors: Consumer Discretionary and Manufacturing. Today's recommendations focus on autos, auto parts, and machinery which span the Discretionary and Manufacturing Sectors. We initially recommended adding exposure to autos and auto parts in our 3/14/19 Int'l Compass, and we view the recent mild...

Matthieu DRIOL

Short term view - FAURECIA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €46.55. The next target is at €39.26, then €36.01. Passing €57.68 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - FAURECIA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 46,55 € prochainement. Le prochain objectif est à 39,26 €, puis 36,01 €. Le franchissement de 57,68 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - FAURECIA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €39.26. The background trend would be questioned should prices rise above €57.68.

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : With a € 7bn plan, France is scaling up its hydrogen industry

>€ 7bn to develop a green hydrogen industry in France - On Tuesday 8 September, the French government presented the details of its hydrogen plan with a total budget of over € 7bn. This is a clear increase compared to the € 200m initially anticipated in the 2018 plan, for the development of the industry until 2030. More specifically, € 3.4bn total investment is expected by 2023 to finance this strategy, and up to € 7.2bn by 2030. € 2bn is earmarked in the stimulus plan...

Marc Lavaud ...
  • Michael Foundoukidis

Faurecia : Avec un plan de 7 Md€, la filière hydrogène française change de dimension

>7 Md€ pour développer une « filière d’hydrogène vert en France » - - Le gouvernement français a présenté mardi 8 septembre les détails de son plan hydrogène, dont l’enveloppe totale s’élève à plus de 7 Md€. Une augmentation nette par rapport au 200 M€ initialement prévu en 2018 pour le développement de la filière jusqu’à l’horizon 2030. Plus précisément, un investissement global de 3.4 Md€ est prévu pour le financement de cette stratégie d’ici 2023, et jusqu’à 7.2 Md€...

Jean-Louis Sempé

INVEST SECURITIES - FAURECIA : Retour rassurant sur les guidances 2022 - ACHAT, OC 48€ (vs 42,4€)

Anthony Dick ...
  • Michael Foundoukidis

Faurecia : Faurecia lives up to expectations

>No negative surprises in H1, recovery potential in H2 confirmed - Faurecia yesterday reported H1 2020 results that were broadly in line with expectations and which reflected the group’s strong resilience (EBIT, FCF) in the challenging environment. More importantly, the H2 outlook, though based on a conservative production scenario (-15% vs IHS at -10%) reflecting the uncertainty surrounding Q4 (Europe, US), confirms the group’s recovery potential, as we expected (no...

Anthony Dick ...
  • Michael Foundoukidis

Faurecia : Faurecia là où on l’attendait

>Un S1 sans mauvaise surprise, une capacité de rebond au S2 confirmée - Faurecia a publié, hier, des résultats S1 2020 globalement en ligne avec les attentes et qui ont témoigné de la forte résilience du groupe (EBIT, FCF) dans cet environnement difficile. Surtout, les perspectives sur le S2, bien que basées sur un scénario de production prudent (-15% vs IHS à -10%) lié à l’incertitude autour du T4 (Europe, US), confirment sa capacité de rebond, comme nous l’anticip...

Faurecia: Covenant Quality Post-Sale Snapshot: €700m 3.75% Senior Notes due 2028

Faurecia S.E.'s unsecured notes are “high-yield lite” under our criteria.

Moody's assigns Ba2 rating to Faurecia's new 2028 notes

Rating Action: Moody's assigns Ba2 rating to Faurecia's new 2028 notes. Global Credit Research- 28 Jul 2020. Frankfurt am Main, July 28, 2020-- Moody's Investors Service, has today assigned Ba2 ratings to Faurecia's new E500 million senior unsecured notes due 2028 and to the E250 million tap issuance to the existing E700 million senior unsecured notes due 2025. The outlook is stable.

Faurecia: Update Following Rating Downgrade to Ba2; stable outlook

Update to discussion of credit profile following the downgrade of Faurecia's ratings to Ba2, given the negative impact of the coronavirus outbreak globally.

Moody's downgrades Faurecia's ratings to Ba2 from Ba1; outlook stable

Rating Action: Moody's downgrades Faurecia's ratings to Ba2 from Ba1; outlook stable. Global Credit Research- 19 Jun 2020. Frankfurt am Main, June 19, 2020-- Moody's Investors Service, has today downgraded the corporate family rating and senior unsecured ratings of Faurecia to Ba2 from Ba1.

Faurecia: Update Following Rating Placed on Review for Downgrade

Update to discussion of credit profile following the review for downgrade on Faurecia's ratings, given the negative impact of the coronavirus outbreak globally.

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra is the world leader in cutting equipment and software (CAD/CAM, PLM) for the fashion, automotive and furniture markets. The current environment offers little visibility and calls for caution on the order intake in the coming quarters. Nevertheless, Lectra will make it through 2020, maintaining strong intrinsic qualities for its sector, namely high revenue recurrence (>60%), solid FCF generation (2021 yield estimated at 5.5%) and a debt-free balance sheet. At the same time, the ...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2020

...

Amira Manai ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Souissi
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Maissa Keskes
  • Marc Lavaud
  • Martial Descoutures
  • Martin Marandon-Carlhian
  • Michael Foundoukidis
  • Nada Afli
  • Nicolas Thorez
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Sebastien Malafosse
  • Stephane Houri
  • Thomas Renaud

ODDO BHF Small & MIDCAP MORNING NEWS - 09/09/2020

Lectra est leader mondial dans les équipements de découpe et logiciels (CFAO, PLM), destinés aux marchés de la mode, de l’automobile et de l’ameublement. Le contexte actuel offre peu de visibilité et incite à la prudence au regard des prises de commandes des prochains trimestres. Néanmoins, Lectra traversera 2020 en conservant des qualités intrinsèques fortes pour son secteur, à savoir : récurrence élevée du CA (>60%), solide génération de FCF (yield 21e 5.5%), structure bilancielle s...

Alain William ...
  • Anis Zgaya
  • Fatma Ayachi
  • Hana Jomni
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Oussema Ettaieb
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Syrine Kabboura
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2020

...

An increasingly favourable environment allows FAURECIA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of FAURECIA (FR), a company active in the Auto Parts industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 17, 2020, the closing price was EUR 34.72 and its expected value was estimated at EUR 33.78.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Jehanne Leroy

Faurecia - Assemblée Générale des actionnaires du 26 Juin 2020

GouvernanceLa société propose de renouveler le mandat de Michel de Rosen, Président du Conseil. Si celui –ci n’a pas de conflit d’intérêts et que Proxinvest apprécie la séparation des fonctions mise en place par la société, il cumule 3 Présidences de sociétés cotées, ce qui est, évidemment, excessif. Nous ne soutenons donc pas son renouvellement (résolution 6). RémunérationsLa principale faiblesse de la rémunération de Patrick Koller réside en la possibilité d'acquisition d'actions de performance en cas de sous-performance. De plus, la structure de la rémunération 2019 n’est pas satisfaisante...

Expert Corporate Governance Service (ECGS)

Faurecia - AGM 26 June 2020

ITEM 6: The Company proposes to renew the mandate of Michel de Rosen, Chairman of the Board. While he has no conflict of interest and ECGS appreciates the separation of functions put in place by the company, he is Chairman of 3 listed companies, which is obviously excessive. We therefore do not support its renewal (resolution 6). ITEM 13: The main weakness of Patrick Koller's compensation is the possibility of vesting performance shares in the event of underperformance. In addition, the structure of his 2019 compensation is unsatisfactory and the amounts are generous for a company of Faurecia'...

Expert Corporate Governance Service (ECGS)

Faurecia - AGM and EGM 28 May 2019

The mandates of the statutory auditors are coming to an end. It is therefore proposed to renew the mandate of Ernst & Young and to approve the appointment of Mazars to replace PriceWaterhouseCooper. The latter will be supported, but the renewal of Ernst & Young in office for 36 years will not be supported.  Of the five appointments and cooptations proposed, only two will be supported. Indeed, three candidates are considered as non-independent by ECGS while the Board presents a majority of members who are not free of potential conflicts of interest (resolutions 7 to 11).  The main change in t...

Faurecia - Assemblée générale des actionnaires du 28 mai 2019

Les mandats des commissaires aux comptes arrivent à échéance. Il est donc proposé de renouveler le mandat d'Ernst & Young et d'approuver la nomination de Mazars en remplacement de PriceWaterhouseCooper. Cette nomination sera soutenue, mais le renouvellement d'Ernst & Young en fonction depuis 36 ans ne pourra pas l'être.  Parmi les cinq nominations et cooptations proposées au conseil, seules deux seront soutenues. En effet, trois candidats sont considérés comme non-indépendants par Proxinvest alors que le conseil présente une majorité de membres non libres de conflits d'intérêts potentiels (ré...

Faurecia – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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