Une part croissante dans le véhicule de demain - ACHAT - OC 62€ (vs 51€)
La réunion qui se tenait en ouverture du Salon de l’Automobile complétée par la visite du stand, confirment que Valeo est durablement installé dans une phase d’accélération de sa croissance rentable. Si les guidances 2020 ne sont pas encore relevées, les perspectives actualisées de CA à LT (2021 et 2026) incitent à l’optimisme, améliorent la visibilité et renforcent la résilience du groupe face au cycle automobile. Avant la publication T3 (20 octobre), nous maintenons nos estimations 2016/18 inchangées mais la visibilité accrue sur la forte accélération du CA nous conduit à relever la croissance 2019/24 de notre modèle DCF (+6% vs +5%) et à désormais appliquer une prime de 20% sur notre modèle de comparables. Ainsi, notre objectif de cours est relevé à 62€ (vs 51€ préc.) soit un potentiel de +21%. Nous réitérons notre recommandation ACHAT.Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.
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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