Valeo : No negative surprises but fundamental questions remain
>2023 results and 2024 guidance “in line”, 2025 targets revised down as expected - Yesterday evening Valeo released H2 2023 results that were slightly better than expected but nonetheless of lower quality (higher capitalised R&D impact on the margin, WCR impact on FCF much bigger than expected notably). This is also reflected in the 2024 targets, which are broadly in line with expectations but include capitalised R&D that will increase further vs 2023 and FCF that is ...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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