Etape n°1 complétée en avance, étape n°2 attendue - ACHAT - OC 26€ (vs 24€)
La publication 2015 est largement au-delà des anticipations les plus optimistes, particulièrement sur l’EBITA, le FCF et la DN. Cela confirme ce qui était déjà suggéré lors du S1 2015 : tous les objectifs du plan « Back in the race » ont été atteints avec 3 ans d’avance après un S2 fort qui a concrétisé une marge d’EBITA des activités automobiles de 5%. Le groupe ménage un peu le suspense en attendant le 6 avril pour décliner ses nouveaux objectifs MT dans le cadre du nouveau plan « Push to Pass ». Dans cette attente, nous relevons nos estimations 2016-17 en tablant prudemment sur une marge d’EBITA voisine de 5% avec un CA en faible croissance (moins de 3%/ an sur la période). Notre objectif de cours est relevé à 26 € (vs 24€). Opinion ACHAT réitérée.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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