Le long chemin du redressement d’Opel/Vauxhall - NEUTRE - OC 21€ (vs 18€)
Les détails de l’acquisition de GM Europe révélés hier matin confirment l’attractivité commerciale de cette opération grâce à l’intégration d’une 4ème gamme au sein du groupe mais le challenge du redressement industriel est de taille et de longue haleine. La VE d’acquisition ressort à 1,78Md€ dont 3Mds€ de régimes de retraites couverts par GM. Après 16 ans de pertes, la guidance d’EBITA de GM Europe pour 2020 est prudente, à 2%. Nous relevons nos BNA 2018/19e (intégrant GM Europe en 2018) de +0,6%et +7,2%. Opinion maintenue à NEUTRE avec un OC de 21€ vs 18€ 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).
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.