CIE AUTOMOTIVE: CLOSE TO ITS FAIR VALUE; CHANGE OF RECOMMENDATION TO SELL (ANÁLISIS BANCO SABADELL)
Close to its fair value. SELL.The resilience shown by the company in 2020 has been evidenced with its share price performance, which has soared +128% since March’20 lows (+101% vs. IBEX) vs. +91% on average for its peers. The stock is trading at 8.5x EV/EBITDA’22e and 10.6x P/E’22e, at a premium of +44% and +17% vs. its historical ratios. As we do not foresee any surprises in the 4Q Results, we have revised our long-term estimates (+4.5% in EBITDA’25e vs. previous level), with some additional adjustments to the model (lower CAPEX and rollover). With this in mind, our T.P. rises by +17% up to € 24.57/sh., yielding at current levels limited upside of around +5%, and thus, we downgrade our recommendation to SELL.
CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.
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