Marges 2016 déjà au top … avant Opel - NEUTRE vs ACHAT - OC 18€ (vs 17€)
Les résultats 2016 sont au-dessus des attentes. La marge d’EBITA finit à 6% sur 2016 (6,8% au S1), soit en haut de la guidance du plan « Push to Pass ». De plus, le groupe relève la borne basse de celle-ci de 0,5pts (4,5% vs 4%). Elle est à périmètre constant i.e hors Opel. Alors que l’annonce du rachat d’OPEL/Vauxhall semble proche, le plan d’intégration et de redressement modifiera le profil de résultats 2016-18e. Si nous pensons que l’impact devrait être positif à MT, le redressement de la marque risque de peser à CT. Hors impact OPEL, nous relevons nos BNA (+5% 17e et +9%18e). Notre Opinion passe d’ACHAT à NEUTRE.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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