Vers un T4 mieux orienté - ACHAT - OC 17€
Le groupe a publié un CA T3 difficile, en dessous des attentes, marqué par des volumes faibles et des effets changes pénalisants. Le lancement de nouveaux modèles au T4 et le démarrage des JV en Iran permettent néanmoins d’attendre un début de rebond au T4. Surtout, la bonne exécution du plan de réduction des coûts rappelée par le groupe permet d’être sereins sur nos anticipations d’EBITA 2016. Ainsi, nous ajustons en baisse les CA 2016/17/18e mais maintenons nos EBITA déjà revus en baisse avant la publication S1 (impact « Brexit »). Nos BNA sont inchangés, ressortant en ligne avec le consensus. Notre objectif de cours est stable à 17€ (+24%). 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).
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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