Valeo S.A.

Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.
  • TickerFR
  • ISINFR0013176526
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance
Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 06/19/2020

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Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

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Anthony Dick ...
  • Michael Foundoukidis

ODDO : Q2/H1 not that easy to reconcile with auto stocks rally

>A new cut to our LVP scenario and earnings estimates - Going into the Q2/H1 2020 earnings season, we have updated our 2020 LVP scenario (-22% vs -19%) given a tougher than expected Q2-20 (-48%e) and the fact that H2 is now expected to show a decline (-8%e) despite the encouraging improvement seen in China in Q2. Within the segment, our revisions clearly relate mainly to auto suppliers rather than tyre makers although the latter have also been affected by the lockdown...

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 19/06/2020

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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

Analyse court terme - VALEO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 22,78 €. La tendance de fond serait remise en cause en cas de franchissement de 42,20 €.

Matthieu DRIOL

Short term view - VALEO : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €22.78. The background trend would be questioned should prices rise above €42.20.

Matthieu DRIOL

Short term view - VALEO : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €22.78, then €21.57. Passing €42.20 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - VALEO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 22,78 €, puis 21,57 €. Le franchissement de 42,20 € remettrait en cause la suite de la baisse.

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 06/19/2020

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Alfred Glaser ...
  • Anthony Dick
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/19/2020

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Anthony Dick ...
  • Michael Foundoukidis

ODDO : Q2/H1 not that easy to reconcile with auto stocks rally

>A new cut to our LVP scenario and earnings estimates - Going into the Q2/H1 2020 earnings season, we have updated our 2020 LVP scenario (-22% vs -19%) given a tougher than expected Q2-20 (-48%e) and the fact that H2 is now expected to show a decline (-8%e) despite the encouraging improvement seen in China in Q2. Within the segment, our revisions clearly relate mainly to auto suppliers rather than tyre makers although the latter have also been affected by the lockdown...

Anthony Dick ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Johanna Jourdain
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 19/06/2020

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Anthony Dick ...
  • Michael Foundoukidis

ODDO : Un T2/S1 pas si simple à enjamber après le rebond boursier

>Nouvel ajustement en baisse de notre scénario - A l’approche des résultats T2/S1, nous mettons à jour notre scénario de production 2020 (-22% vs -19%) en raison d’un T2 plus difficile (-48%e) et d’un S2 désormais attendu en baisse (-8%e) malgré l’amélioration encourageante observée en Chine au T2. Au sein du segment, nos ajustements d’estimations concernent logiquement surtout les équipementiers même si les pneumaticiens ont tout de même souffert du confinement (re...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/01/2020 - Assurances

Assurances : Révision en 2020 de la directive européenne Solvency II UBI Banca (Achat) a émis un nouveau titre AT1 avec un call en 2025 et un coupon de 5,875% EDP (Achat) : Rachat obligataire sur son titre hybride avec call en 2021 et nouvelle émission Automobile : Les ventes sur le marché chinois attendues en recul de -2% en 2020 Atlantia (Conserver) : S&P dégrade la note à BB- *- Valeo (Conserver) : S&P a dégradé la note de BBB à BBB- stable  

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 10/12/2019 - Secteur bancaire

Secteur bancaire : Vers un peu plus de souplesse pour verser des dividendes via l’article 104a sous CRD5 Rallye (Vente) : Un plan de sortie de sauvegarde sur 10A Télécoms (Surpondérer) : De multiples opérations de cession de tours télécoms en 2019 Banco BPI : Annonce son exigence de capital réglementaire (SREP) 2020 Alstom (Conserver) : Contrat à €800m en Australie Valeo (Conserver) : Vise un cash-flow libre entre €1,3 md et  €1,5md en 2022 Azimut (Achat) : Fitch dégrade sa note à BBB-, la perspective est stable BNP Paribas (Conser...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Valeo S.A.: Key Facts and Statistics - FYE Dec 2016

CORPORATES ISSUER PROFILE 17 May 2017 TABLE OF CONTENTS Company Overview 1 Business Description 2 Management Strategy 4 Financial Highlights 6 Capital Structure and Debt Maturity 8 Company Management 10 Ownership Structure 11 Subsidiaries 12 Peer Group 12 Related Websites and Information

Anthony Dick ...
  • Aurelien Sivignon
  • Emmanuel Matot
  • Fatma Ayachi
  • Jean-François Granjon
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/27/2020

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Anthony Dick ...
  • Emmanuel Matot
  • Jerôme Bodin
  • Michael Foundoukidis
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/27/2020

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Anthony Dick ...
  • Aurelien Sivignon
  • Emmanuel Matot
  • Fatma Ayachi
  • Jean-François Granjon
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 27/05/2020

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Anthony Dick ...
  • Emmanuel Matot
  • Jerôme Bodin
  • Michael Foundoukidis
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/05/2020

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Anthony Dick ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Michael Foundoukidis
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/25/2020

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

The independent financial analyst theScreener just awarded an improved star rating to VALEO (FR), active in the Auto Parts industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 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 20, 2019, the closing price was EUR 29.55 and its expected value was estimated at EUR 27.05.

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...

Pauline Delecourt

Valeo - Assemblée générale du 25 juin 2020

GouvernanceLa société propose de se transformer en Société Européenne. Proxinvest n'est pas convaincu par les arguments de la société car cette transformation n'apporte rien et la société reste un groupe international d'origine française. Même si la société ne semble pas l'envisager à court terme, nous ne pouvons par ailleurs pas recommander de mettre fin à l'interdiction de transfert du siège dans un état étranger membre de l'Union Européenne car le niveau de protection des actionnaires n'est pas identique dans tous les Etats de l'UE. De même l'adoption de ce statut de société européenne pour...

Expert Corporate Governance Service (ECGS)

Valeo - AGM 25 June 2020

Under ITEM 17 and ITEM 18 : The Company proposes to transform itself into a European Company. ECGS is not convinced by the company's arguments because this transformation does not bring anything and the company remains an international group of French origin. Even if the company does not seem to envisage this in the short term, we cannot recommend ending the ban on transferring the registered office to a foreign EU member state because the level of shareholder protection is not the same in all EU countries. Similarly, the adoption of the European Company Statute could prove risky for sharehold...

Valeo - Assemblée Générale des actionnaires du 23 mai 2019

GOUVERNANCE Il est proposé de renouveler le mandat d'administrateur de Jacques Aschenbroich, Président-Directeur Général, âgé de 64 ans. Bien que Proxinvest s'oppose au cumul des fonctions de Président du conseil et de Directeur Général, la résolution sera soutenue car le conseil a décidé de mettre en œuvre la dissociation des fonctions durant les deux premières années faisant suite à ce renouvellement (résolution 6). Par ailleurs, deux nouveaux administrateurs indépendants rejoindront le conseil (résolutions 7 et 8). REMUNERATION Dans le contexte d'un exercice très difficile, le bonus 201...

Expert Corporate Governance Service (ECGS)

Valeo - AGM and EGM 23 May 2019

GOVERNANCE  It is proposed to renew the term of office as director of Jacques Aschenbroich, Chairman and Chief Executive Officer, aged 64. Although ECGS is opposed to the combination of the functions of Chairman of the Board and Chief Executive Officer, the resolution will be supported because the Board has decided to implement the dissociation of functions during the two years following this renewal (resolution 6).  In addition, two new independent directors will join the Board (resolutions 7 and 8).  REMUNERATION  In the context of a very difficult year, the 2018 bonus of Jacques Aschenb...

Valeo – Proxinvest Corporate Governance Rating ® : B

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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