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

Analysts

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 17/02/2020 - Faurecia

Faurecia (Achat) : EBIT de €1,3 md (+0,7 %) en 2019 Royal Bank of Scotland – RBS (Vente) : RN de £3,8 mds (+76,7%) en 2019 NIBC Bank (Achat) : Offre publique d’achat de Blackstone sur l’ensemble du capital Icade (Conserver) : RN de €300m (+93,7%) en 2019 Douglas (Conserver vs Achat) : Son actionnaire CVC Capital Partners envisagerait la cession ou l’introduction en bourse du groupe Bolloré (Conserver) : CA de €24,8 mds (+8,0%, +3,0% en organique) en 2019 Smurfit Kappa (Achat) : Fitch confirme la note BB+ et rehausse la perspective à positi...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 9 and 10 January 2020

Our 2020 Oddo BHF annual Forum in Lyon brought together 251 companies, including 57% of foreign companies and nearly 575 investors, meaning almost 6,800 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies who attended the forum. - - >Investment Grade - Accor, Arkema, Atos, Coface, Covivio, Easyjet, Edenred, Engie, Eutelsat, Gecina, Grand City Properties, ISS, Imerys, JCDecaux, MTU Aero Engines, Scor, Solvay, Suez...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 17/02/2020 - Faurecia

Faurecia (Achat) : EBIT de €1,3 md (+0,7 %) en 2019 Royal Bank of Scotland – RBS (Vente) : RN de £3,8 mds (+76,7%) en 2019 NIBC Bank (Achat) : Offre publique d’achat de Blackstone sur l’ensemble du capital Icade (Conserver) : RN de €300m (+93,7%) en 2019 Douglas (Conserver vs Achat) : Son actionnaire CVC Capital Partners envisagerait la cession ou l’introduction en bourse du groupe Bolloré (Conserver) : CA de €24,8 mds (+8,0%, +3,0% en organique) en 2019 Smurfit Kappa (Achat) : Fitch confirme la note BB+ et rehausse la perspective à positi...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 26/11/2019 - Faurecia - en

TP ICAP - Europe - Morning CreditUpdate 26/11/2019 - Faurecia - en

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 26/11/2019 - Faurecia - FR

Faurecia (Achat) : Objectifs à horizon 2022 Rallye (Vente) : Prolongation de la procédure de sauvegarde pour six mois CyrusOne : Emission senior unsecured de maturité 7 ans Prysmian : Finalisation et mise en service de son projet « Western Link » CMA CGM (Vente) : Prévoit de céder pour $2 mds d’actifs d’ici mi-2020 Eneco : Acquis par un consortium mené par Mitsubishi pour €4,1 mds Schmolz+Bickenback (Vente) : L’augmentation de capital d’au moins CHF325m risque de ne pas avoir lieu Uniqa (Achat) : S&P place la note A- sous survei...

Faurecia: Covenant Quality Pre-Sale Snapshot: €700m _% Senior Notes due 2027

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

Moody's assigns Ba1 rating to Faurecia's new 2027 notes

Rating Action: Moody's assigns Ba1 rating to Faurecia's new 2027 notes. Global Credit Research- 13 Nov 2019. Frankfurt am Main, November 13, 2019-- Moody's Investors Service has today assigned a Ba1 rating to Faurecia's new EUR700 million senior unsecured notes due 2027. The outlook is stable.

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 9 and 10 January 2020

Our 2020 Oddo BHF annual Forum in Lyon brought together 251 companies, including 57% of foreign companies and nearly 575 investors, meaning almost 6,800 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies who attended the forum. - - >Investment Grade - Accor, Arkema, Atos, Coface, Covivio, Easyjet, Edenred, Engie, Eutelsat, Gecina, Grand City Properties, ISS, Imerys, JCDecaux, MTU Aero Engines, Scor, Solvay, Suez...

Carole Braudeau

Recordati : Feedback Crédit Forum des 9 et 10 janvier 2020

Notre Forum annuel Oddo BHF 2020 vient de se dérouler à Lyon : il a réuni 251 sociétés, dont 57% étrangères et près de 575 investisseurs, soit l’équivalent de près de 6 800 meetings - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - >Investment Grade - Accor, Arkema, Atos, Coface, Covivio, Easyjet, Edenred, Engie, Eutelsat, Gecina, Grand City Properties, Imerys, ISS, JCDecaux, Lanxess, MTU ...

Jean-Louis Sempé

INVEST SECURITIES - FAURECIA (ACHAT, OC 64€ vs 60€) : Transformation et agilité, garants de rentabilité

Michael Foundoukidis

Faurecia : A flawless CMD ahead of a very decisive year in 2020

>Momentum and resilience win the day - Faurecia's share price yesterday responded well to the group’s new financial targets for 2022 (+2.7%) and after a flawless CMD. This confirms the greatly renewed appeal of auto suppliers on the stock-market front (Faurecia at +47% YTD, +35% over 3m) and the favourable momentum surrounding them currently, something we had clearly underestimated. The new targets, which are broadly in line with expectations while also being based on...

Michael Foundoukidis

Faurecia : Un CMD sans fausse note avant une année 2020 clé à plus d’un titre

>Le momentum et la résistance l’emportent - Le titre Faurecia a bien réagi, hier, à l’annonce des nouveaux objectifs financiers 2022 (+2.7%) et après un CMD sans fausse note. Ceci confirme le net regain d’attractivité des équipementiers sur le plan boursier (Faurecia à +47% YTD, +35% sur 3M) et le momentum favorable les entourant actuellement, que nous avons, à l’inverse, sous-estimé. En effet, les nouveaux objectifs, globalement en ligne avec les attentes tout en éta...

1 director sold

A director at Faurecia sold 3,273 shares at 38.000EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Alfred Glaser ...
  • Delphine Brault
  • Emira Sagaama
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Emira Sagaama
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/11/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2019

At the CMD in June the management announced ambitious but achievable targets for FY 2022-23, allowing us to forecast 17% EBIT growth per year. The share is inexpensive (adjusted EV/Sales of 0.8x and adjusted EV/EBIT of 10.9x for March 2020e). We maintain our Buy rating with a new target price of € 43.5 after last week’s payment of the dividend of € 5.50. - Cf. company report published today. - ...

Thanks to a better fundamental star rating, FAURECIA SE sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to FAURECIA SE (FR), active in the Auto Parts industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 6, 2019, the closing price was EUR 44.45 and its expected value was estimated at EUR 38.75.

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 week...

Faurecia : Limited impact on the credit from the Clarion acquisition

Faurecia announced the acquisition of Japanese company Clarion for € 1.2bn, including debt. There was no question of "if" but "when" in the announcement of a transforming acquisition by Faurecia, a possibility that did not prevent us from recommending to subscribe to Faurecia's 2025 bond issue in February 2018, given the very limited 0.2x leverage of the company and its rigorous financial policy (management widely communicated on its commitment to maintain leverage under the 1x m...

Faurecia : Limited impact on the credit from the Clarion acquisition

Faurecia announced the acquisition of Japanese company Clarion for € 1.2bn, including debt. There was no question of "if" but "when" in the announcement of a transforming acquisition by Faurecia, a possibility that did not prevent us from recommending to subscribe to Faurecia's 2025 bond issue in February 2018, given the very limited 0.2x leverage of the company and its rigorous financial policy (management widely communicated on its commitment to maintain leverage under the 1x m...

Faurecia : Impact crédit limité de l’acquisition de Clarion

Faurecia a annoncé l’acquisition du groupe japonais Clarion pour 1.2 md EUR dette incluse. Il n’était pas question de « si » mais de « quand » au sujet de l’annonce d’une acquisition transformante par Faurecia, une possibilité qui ne nous avait pas empêchés de recommander de souscrire à l’émission Faurecia 2025 en février 2018, compte tenu de leverage ramené à 0.2x et de la rigueur du groupe en terme de politique financière (il avait largement communiqué sur sa volonté de ne pas ...

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...

Charles Pinel

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...

Jehanne Leroy

Proxy Report - 29/05/2018

ITEMS 9 and 10: Amounts granted in 2017 to Mr Delabrière and Mr de Rosen are excessive compared to the SBF120 median ITEM 11: Although the company’s disclosure allows shareholders to clearly understand amounts granted, the latest are excessive and unbalance the global structure of the 2017 total remuneration of Mr Koller, CEO. ITEM 8: the company proposes to increase by 10% the fixed remuneration. This increase is not itself an issue. However, the company did not compensate this increase (by decreasing the maximum bonus to 150% of fixed remuneration for example). It is unfortunate as structu...

Jehanne Leroy

Proxy Report - 29/05/2018

Les montants attribués au titre de 2017 aux Président Yann Delabrière et Michel de Rosen (respectivement 303 071 € et 321 876 €) excèdent la médiane des rémunérations totale des Présidents non exécutifs du SBF 120. Aussi, nous ne soutenons pas les résolutions 9 et 10.De la même façon, bien que la communication de la société permette une bonne compréhension des montants attribués à M. Koller, Directeur général, ceux-ci sont bien trop généreux et déséquilibrent la structure de la rémunération totale de M. Koller pour 2017. Nous ne soutenons donc pas non plus la résolution 11. Par ailleurs, si l...

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 Japan...

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 pullb...

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.

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