Plastic Omnium: Preparing the group for the future with HBPO
Plastic Omnium: (NEUTRAL, Fair Value EUR39 (+4%))Preparing the group for the future with HBPO
The French automotive supplier Plastic Omnium unveiled this morning it has finalized the acquisition of HBPO the world leader in the development, assembly and logistics of automotive front-end modules with 20% worldwide market share. The group obtained all authorization from the relevant competition authorities. We estimate a net >4.5% full year impact on our EPS. We will have to start consolidating the new entity in our model as soon as in July 2018. So far we confirm our Neutral rating with FV unchanged at €39.
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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