Valeo : 2020 : Tout ce que l’on sait, c’est que l’on ne sait (presque) rien
>2019 moins bon hormis sur le FCF, des perspectives 2020 très floues - Les résultats 2019 de Valeo (marqués par de nouveaux retraitements…) sont ressortis sous les attentes en publié à la fois sur l’EBIT (-4%) mais aussi et surtout sur les BPA (-16%), en partie, selon nous, en raison de pertes à nouveau plus élevées de la JV Valeo Siemens. Le FCF (519 M€ en déf. Valeo) est toutefois ressorti nettement supérieur aux attentes (variation BFR à +301 M€) mais avec un endet...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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