Trois motifs d’optimisme à court et moyen terme - ACHAT - OC 23,5€ (vs 19,6€)
Suite à la publication de notre étude sur Faurecia (ACHAT- objectif 58€) et à un contact avec la société, nous mettons à jour nos estimations 2015-2017 et relevons notre objectif de cours sur Peugeot à 23,5€ vs 19,6€ préc. Les changements portent principalement sur (i) les estimations de marge d’EBITA de la branche automobile, (ii) la contribution de Faurecia, (iii) les SME des JV chinoises suite aux guidances dévoilées lors du récent «Road show» ainsi que la quote-part SME des JV PSA/Santander et (iv) l’incrémentation d’un dividende en 2016 au titre de 2015. 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).
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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.
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