Faurecia: Feedback from RS with management: So Far So Good
Faurecia: (BUY-Top Picks, Fair Value EUR72 (+38%))Feedback from RS with management: So Far So Good
During a RS organised with the company last week, the management reiterated, with a confidence tone, both its short and mid-term targets despite important macro uncertainties. Faurecia will be one of the few automotive suppliers this year to post LfL sales acceleration and EBIT margin gain versus 2017. We expect lower sales growth in 2019, as for entire industry yet margin should continue to surge as well as FCF/sales ratio. We confirm our Buy rating on Faurecia which remains today the cheapest European automotive supplier within our coverage.
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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.