Faurecia: H1-18 earnings - First take - A solid H1-18 perf. leading to an upgrade of 2018 targets
Faurecia: (BUY-Top Picks, Fair Value EUR72 (+15%))H1-18 earnings - First take - A solid H1-18 perf. leading to an upgrade of 2018 targets
This morning, Faurecia posted solid H1-18 sales and margin performance as expected, with an acceleration of the growth in Q2 vs. Q1 and vs. last year. Total sales were up 9.2% organically (excl. JVs) while margin was up 40bp to 7.2%, obliging the management to revise up its 2018 targets on both sales, margin and EPS, in line with market expectations. We expect limited upside on latest 2018 EPS estimates yet believe market could react positively on this publication as despite commercial tensions between U.S. and Europe/China and risk on WLTP in Europe, the management upgraded its guidance. Buy, FV unchanged at EUR72/sh
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.