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Automotive: Mixed H1 performances, and most importantly mixed messages from CEOs as for H2-18
AutomotiveMixed H1 performances, and most importantly mixed messages from CEOs as for H2-18
Weeks after the H1-18 earnings publication of most of all automotive companies, we come back on main elements to retain from these publications as well as on messages divulged by management. Visibility remains quite weak on potential WLTP impact on production and so on European sales as messages from carmakers were quite mixed, while impacts of trades’ war initiated by U.S. President Trump seem to only affect European premium and U.S. carmakers. On short term, Peugeot remains the group the less at risk on these two main headwinds. Faurecia and Michelin are also the two stocks offering attractive margin improvements over H2-18 and 2019.
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Xavier Caroen
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