Guidances réitérées mais niveau de risque relevé - VENTE vs NEUTRE - OC 16,5€ (vs 17,5€)
La conférence de presse qui s’est tenue pour annoncer plan « PACE » de redressement d’Opel Vauxhall a permis de constater la confirmation des objectifs chiffrés 2020/2026 dévoilés par GROUPE PSA en mars dernier. Les moyens pour les atteindre plus détaillés cette fois, nous semblent convaincants. En revanche, la situation d’urgence dans laquelle se trouve Opel relève selon nous le niveau de risque attaché à ce plan. Nous ajustons nos estimations en intégrant Opel à compter du 1er août 2017 (vs 1/01/2018 préc) avec un impact sur nos BNA 2017/19e de -10,8%/ -11,1%/-2,9%. Notre opinion est dégradée à VENTE vs NEUTRE préc avec un OC abaissé à 16,5€ vs 17,5€ 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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