Belle surperformance mais retard déjà consommé - NEUTRE vs ACHAT - OC 60€ (vs 54€)
Le CA T3 2017 est au-dessus des attentes du consensus (+1,3%) et proche de notre estimation (-0,4%). Le groupe affiche sa confiance dans la poursuite de la surperformance de l’activité (vs marché automobile) pour toutes ses branches et réitère ses guidances relevées en juillet. Sur la base de nos estimations inchangées, nos modèles de valorisation induisent un OC relevé à 60€ (vs 54€ préc). La forte hausse du titre depuis fin août a toutefois consommé le retard de valorisation en termes de multiples. Des annonces M&A de taille significative ne sont pas exclues en 2018. C’est un motif supplémentaire pour adopter une opinion plus prudente à NEUTRE vs ACHAT.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.
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