Peugeot Invest - Signa declares insolvency
• Signa, one of the largest private real estate companies in Europe, declared insolvency on Wednesday evening• Peugeot Invest has invested about EUR 306m in Signa vehicles or about 5% of the NAV. This is now at risk of being wiped out following a much-needed restructuring. We took a full impairment for EUR 12 p/s• We estimate the adjusted NAV at EUR 206.8 p/s implying a discount of 49%. We lower our TP to EUR 109 (vs. EUR 121 before). Hold reiteratedPeugeot 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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