Peugeot Invest : FY 2021 NAV: € 235, up +32.2%, deep discount (46.5% to our spot NAV). Rating and target price unchanged
>After +27% in H1, H2 saw more moderate growth (+3%) - FFP yesterday evening reported a NAV of € 235 per share (ATH), up +3.3% on H1 2021 (€ 227.4), and +32.2% (with dividends) on the year (and +30.8% in reported terms).The listed portion (74% of NAV) advanced by +12% on the year to € 172.8 (vs € 154.2 in 2020) and -4% in H2 (€ 154.2 in H1 2021). Stellantis (40% of GAV, 7.2% equity stake) was flat in H2, as with most of the other investments, after a high-qualit...Societe Fonciere, Financiere ACT is an investment holding company which acts as a long-term investor and an active shareholder. As of Dec 31 2010, Co. held 22.1% of the share capital of PSA Peugeot Citroen. Co. usually purchases minority stakes in companies with a large family shareholding. Co. has a portfolio of private equity funds which operate mainly in Europe and countries with emerging economies. Co. also operates a financial investment and cash management business, as well as a real estate and wine-producing businesses.
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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