Europe et baisse des coûts au T3 préservent les marges - ACHAT - OC 24€ (vs 25€)
Le T3 2015 permet à Peugeot d’afficher sa confiance sur la fin 2015 et au-delà . La publication des comptes 2015 sera mise à profit pour relever les guidances MT largement dépassées au S1 2015. Le contexte du T3 2015 est marqué par la Chine et l’affaire VW. Cette dernière est vue comme une opportunité sur les marchés diesel. Suite à cette publication nous avons marginalement ajusté nos estimations, la direction affichant une certaine sérénité sur ses perspectives, notamment du fait de la poursuite des économies de coûts et de la croissance européenne en accélération. Notre objectif de cours, est revu marginalement à 24€ (vs 25€). 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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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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