Bryan Garnier - Car Part Manufacturers H1-18 earnings driven by acceleration in second quarter

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Bryan Garnier

Xavier Caroen

Car Part Manufacturers H1-18 earnings driven by acceleration in second quarter

Ahead of the start of the H1-18 earnings publications for the European automotive sector (which starts with Faurecia and Plastic Omnium on Friday July 20th), we revisit our H1-18 estimates for Faurecia, Plastic Omnium and Valeo. Automotive production over Q2 accelerated vs. Q1-18 and vs. last year, putting all three groups in a good position to post solid H1-18 LfL sales growth and margin improvement. We assume all 2018 targets will be reiterated despite uncertainties on H2 figures due to WLTP and trades war. Faurecia remains, in our view, the best French automotive supplier to play H1-18 earnings publications. As a reminder, we recently upgraded the stock from Neutral to Buy.

13/07/2018 6 EN

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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.

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Xavier Caroen

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Car Part Manufacturers H1-18 earnings driven by acceleration in second quarter

Egetis: Submits pre-NDA meeting, positive recruitment update

Faron: Positive FDA feedback sends BEX into a registrational phase 2/3 study

Fastned: H1 results, GM recovery, roll-out acceleration expected in H2

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