Faurecia : Inflection point at last behind us?
>A solid release, even restated for FCF factoring tailwind - As we indicated yesterday, Faurecia's interim release has helped to ease fears, excessive in our view, regarding its financial leverage (already reduced after the € 705m rights issue last month). Indeed, operating performance was broadly in line but €102 positive FCF was a nice surprise (vs -€ 291m for the consensus), a performance that was, admittedly, driven by the increase in factoring linked to the rebo...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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