INVEST SECURITIES - PSA : Plus de peur que de mal sur Opel ? - VENTE, OC : 17,2€ vs 16,5€
La conférence consécutive à la publication 2017 visait à rassurer sur Opel. Ce fut un succès vu le rebond du cours. Ajoutons que les résultats 2017 sont nettement au-dessus de nos attentes tant sur la marge de PCD (hors Opel) qui atteint 7,3% (6,1% avec Opel) que sur le niveau des pertes d'Opel (-179m€ mais avec un impact beaucoup plus fort sur le FCF et sur 2018). Au total, l'optimisme des dirigeants nous incite à remonter nos BNA 2018/19e de +10,8%/+16,7%, reflet d'un effet de base en 2017 et d'un scénario plus optimiste sur la marge PCD (6,5% vs 5,6% préc), nettement au-dessus du consensus. Notre opinion est maintenue à VENTE avec un OC de 17,2€ vs 16,5€ préc.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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