T3 2014 un peu juste mais « recovery » confirmée - ACHAT - OC 17€
Le CA est de 12,3Mds€ au T3 14 (+1,6%) et de 39,9Mds€ (+0,2%) sur 9 mois. Pour l’exercice 2014, nous maintenons notre estimation de CA à 55,6Mds€ (+2,6%) du fait de meilleurs volumes attendus en Europe au T4 après le creux du T3 et des effets changes qui devraient se retourner positivement. En tout état de cause, le FCF devrait, selon le groupe, être positif sur l’exercice et le plan « Back in the Race » sera revu à l’occasion de la publication des comptes annuels…. Sans aucun doute à la hausse selon nous. Ceci nous incite à maintenir nos prévisions inchangées par rapport à notre étude du 25 septembreet à réitérer notre opinion ACHAT avec un objectif de 17€ (+81%).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.