Peugeot Invest : Lower NAV in H1, and it is set to be worse in H2, but the market is over-anticipating, discount at 62%. Target price adjusted to € 115 vs € 145
>NAV down slightly in H1… pending a worse showing in H2. - Peugeot Invest posted its first-half results. NAV came in at € 226.7m, down -4% vs end-2023. Its gross asset value came in at € 6.4bn and net assets at € 5.6bn. The non-managed portion of the portfolio (Peugeot 1810), which equates to 51% of gross assets (or € 3.2bn) and is comprised of the stakes in Stellantis and Forvia, dropped by 14%, to € 3.2bn vs € 3.7bn. In particular, Stellantis shed 13% in H1 (...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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