Valeo : 2020: all we know is that we know (almost) nothing
>2019 lower except on FCF, very hazy 2020 outlook - Valeo’s 2019 results (marked by too many new adjustments, etc.) missed expectations on a reported/audited basis for EBIT (-4%) and also, and more importantly, for EPS (-16%), due partly in our view to further higher losses at the Valeo Siemens JV. FCF (€ 519m according to Valeo’s definition) was however much higher than expected (favourable change in the WCR of +€ 301m) but with net debt at end-2019 that was merely i...Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.
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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