La guidance branche automobile largement dépassée! - ACHAT - OC 25€ (vs 23,5€)
Suite à la publication S1 2015, force est de constater que nos révisions en hausse de juin 2015 sont à compléter au vu de l’excellente performance des activités automobiles et malgré la perspective de ralentissement de la croissance en Chine. Sur la base des guidances revues en hausse pour le marché automobile européen (+6% vs +4%) nous relevons les marges d’EBITA 2015-2017 de la branche automobile et ajustons les estimations de contribution SME des JV en Chine. Au total, nos BNA sont revus de +15,8%/+16,3%/+14,2%. Seul regret: la guidance de marge des activités automobiles (2% en 2018) devient vraiment obsolète au vu des 5% touchés au S1 15. Notre objectif de cours est revu en hausseà 25€ (vs 23,5€). 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).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.