Peugeot: H1-18 earnings: first take, more than impressive
Peugeot: (NEUTRAL, Fair Value EUR23 (+13%))H1-18 earnings: first take, more than impressive
The French carmaker posted this morning impressive operating figures, on both PCD and Opel segments, thanks to solid Product mix and costs reduction contribution. Margin at PCD came out at a 8.5% record, while Opel generated a 5% margin (before restr.) well above group’s mid term target of 2% in 2020. We expect positive share price reaction this morning.
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).
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