Forvia : H2 2023 below at the EBIT level but higher on FCF, FY 2024 outlook in line
>Positive surprise at the FCF level confirmed, less so in 2024 and new costs plan in the EU - As we expected (and even more so since the Hella release on Friday), Faurecia H2 2023 earnings came in below expectations at the EBIT level (-5% to € 764m, i.e. 5.6% margin vs consensus at 5.9%) but with a positive surprise on the FCF side at € 477m (+50% beat vs consensus at € 317m), notably thanks to WCR (including factoring). Regarding the outlook, the FY 2024 guidance loo...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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