Faurecia Reports Solid 2016 Results; Fair Value Estimate Raised to EUR 30
No-moat Faurecia, the French auto-parts supplier 57.4% owned (72.9% of vote) by Peugeot, reported second-half and full-year 2016 earnings per share before special items of EUR 2.26 and EUR 3.99, respectively, much better than our estimates of EUR 2.16 and EUR 3.60. We are also encouraged by the company's favorable guidance for revenue growth and margin expansion in 2017. Owing to slightly better-than-we-had-expected revenue forecast for 2017 combined with modestly higher peak profitability than ...Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
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