Plastic Omnium: A free-option to play future development of FCEVs, yet still too expensive on short term
Plastic Omnium: (NEUTRAL, Fair Value EUR39 (-4%))A free-option to play future development of FCEVs, yet still too expensive on short term
We come back on group’s investment case following a RS we organised with the IR in Brussels last week. Plastic Omnium remains quite well positioned on both exterior parts and fuel tanks activities to easily outperform global automotive market thanks notably to its innovative products portfolio. Group’s margin should continue to slightly increase on midterm, closer to 10% despite the dilutive impact of FAE. All in all we reiterate our Neutral rating on the case without modifying our EPS estimates. We clearly appreciate group’s strategy yet still see very limited upside on earnings and on valuation metrics. The stock offers free-option to play future development of FCEVs though.
Compagnie Plastic Omnium is a manufacturing and services company which partners with car manufacturers and local communities, through its two core businesses which are Automotive Equipment and Environment. Co.'s activities can be divided into two divisions: the Automotive division and the Environment division. The Automotive division designs, manufactures and sells vehicle body parts (exterior parts and modules) and plastic fuel systems. The Environment division provides products and services for local authorities, including waste pre-collection and management equipment and services, and road and highway signage.
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