Peugeot Invest - FY23: High discount but potential for better times
• FY23 NAV at EUR 237.7 p/s, up 21.1%, in line with our estimate. Proposed dividend of EUR 3.25 p/s, up 14% YoY, and above our estimate. The real estate portfolio struggled with full impairment• We estimate today's NAV to be EUR 283.4 p/s, implying a discount of 58%. That is incredibly high and among the highest in the sector. We look forward to the announcement of the new CEO in hopes that he/her will bring change to the strategy and portfolio composition. This could become a major trigger for the discount• In the meantime, we reiterate our Hold rating.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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