Volumes et coûts matières, deux leviers pour 2015 - ACHAT - OC 17€
Le groupe a publié des ventes mondiales 2014 en croissance de +4,3%. Hors Chine, le recul des volumes est de -2,6%, mais traduit une croissance de +1,8% au T4 vs -4,4% sur 9 mois. Nous révisons légèrement nos estimations de CA 2014 du fait d’un ajustement technique sur le CA de Faurecia sans impact sur les résultats. En termes de marges, le contexte actuel de forte baisse des matières premières devrait soutenir les résultats à partir de 2015. Avant la publication des comptes 2014 et le possible relèvement de nos estimations, nous maintenons nos BNA 2014-2016 inchangés et confirmons notre opinion ACHAT avec un objectif de 17€.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.