Raising Faurecia's FVE to EUR 37 from EUR 32
After rolling our model for no-moat-rated Faurecia, supplier of emissions control equipment, seats and interiors to the global automotive industry, to the next fiscal year, we are raising our fair value estimate to EUR 37 from EUR 32. We increased our normalized sustainable midcycle EBITDA margin assumption (including non-value-added catalytic converter sales) by 20 basis points to 7.9%, representing EUR 2 of the fair value estimate increase. Another EUR 2 was attributable to a slightly lower th...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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