Forvia : A strategic refocusing prior to a possible upgrade
In an environment of unstable volumes and despite well-identified structural weaknesses (overexposure to Europe, unfavorable customer mix in China, still high gross debt), Forvia continues to preserve the essentials by focusing on its margins, FCF, and leverage. The new strategic plan, while not disruptive, has the merit of being credible, with a clear refocus on higher value-added activities. Subject to execution, this repositioning could, in our view, pave the way for an upgrade in ratings in the medium term.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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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