Guidances 2016-2018 franchement relevées - ACHAT - OC 48€ (vs 43€)
De la journée investisseurs qui se tenait hier, nous retenons le fort relèvement des guidances 2018 et le discours rassurant sur 2016, après une publication T1 16 qui laissait quelques inquiétudes sur l’activité et les marges aux Etats-Unis. Tout en restant dans les limites des nouveaux objectifs, nous relevons nos estimations de marge, ce qui augmente nos BNA 2016-18 de +0,8%/+2,3%/+9,3%. Nos modèles de valorisation (DCF, comparables) donnent un objectif de cours relevé à 48€ (vs 43€ préc.) soit un potentiel de +33%. Au regard des multiples très faibles, nous réitérons notre opinion 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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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