Peugeot: Being almost “only†European, a safe profile after all
Peugeot: (BUY vs. NEUTRAL, Fair Value EUR30 vs. EUR23 (+28%))Being almost “only†European, a safe profile after all
Following an impressive H1-18 publication last Tuesday we adjusted our estimates on PSA group on both PCD and OV segments. In a context of high uncertainties on the sector, in three largest markets, being almost “only†European looks after all, quite safe especially when your product portfolio is well adapted to a still growing European market. While short and middle term margin improvement at OV is still unclear we updated our model with more bullish assumptions for the group, leading us to revise positively our 2018-20 EPS by 40%, and to upgrade our rating from Neutral to Buy with FV being lifted from EUR23 to EUR30.
Peugeot is an automobile manufacturer (cars and light commercial vehicles), supported by two brands: Peugeot and Citroen. Co.'s activities are divided into four main segments: Automobile (Co. designs, manufactures and markets passenger cars and light commercial vehicles under Peugeot and Citroen brands), Finance (Co. provides retail and wholesale financing to customers and dealer networks), Automotive equipment (Co. produces Interior Systems, Automotive Seating, Automotive Exteriors and Emissions Control Technologies) and Other businesses (Co. produces scooters).
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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