Faurecia : Concerns are overblown, in our view
>Shares hit too hard – Outperform opinion confirmed - Faurecia shares have been among the hardest hit in the sector since the start of the war in Ukraine (-25% vs -13% for the SXAP). We think concerns about both the business environment and points specific to Faurecia (leverage and capital increase) are overblown today and we are reiterating our Outperform opinion. Faurecia/Hella have very little direct exposure to Russia (~1% of the sales of the combined entity) and ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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