Valeo : A reassuring release in the short term, but not much more
>Some good and some not so good points in H1 - Yesterday evening, Valeo published H1 2021 results that were in line for sales, above expectations for EBITDA (+6%) but well below for net profit (-20%, heavier losses at JVs, tax rate, minority interests) and in line for FCF. However, we note that the auto supplier has maintained its full-year targets in a context that proved more difficult (production, raw materials, semiconductors). With the consensus in line (EBITDA, ...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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