Un S1 record, opinion neutre en attendant Opel - NEUTRE - OC 19€
Le groupe a publié des résultats S1 17 largement au-dessus des attentes notamment sur l’EBITA, en progrès de +211m€. La marge d’EBITA ressort à 7% (7,3% pour l’activité auto), niveau record, largement au dessus des objectifs 2021 du groupe de 6%. Le RN ne progresse que de +3,6% (+44m€). Le groupe relève ses guidances de marché pour 2017 en Europe, LATAM et Russie. Nous relevons nos estimations, surtout sur 2017, avant intégration d’Opel début 2018, induisant des BNA 2017/19e revus de +19,3%/+3,8%/+5%. Notre Opinion NEUTRE est maintenue avec un OC qui reste à 19€.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.
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