Valeo : No miracles
>A release that is likely to douse the optimism of recent weeks - Valeo reported H1 2020 results that were well below the consensus (EBIT/FCF), confirming our caution on the stock, which is trading at a valuation level (P/E 2021 of 20x) that we believe is largely disconnected from fundamentals. Beyond 2020, the significant exceptional charges/impairments booked in H1 2020 (€ 622m) and the management’s comments seem to dash any hope of a substantial recovery in the med...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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