Theia Recherche - FFP (FFP) Une célèbre inconnue

Report

Theia Recherche

François Digard

Une célèbre inconnue

Etude d'initation de Peugeot Invest (ex FFP), une structure en mouvement qui a investi massivement depuis 5 ans pour se transformer.

25/10/2021 71 FR

Underlying

FFP

Societe Fonciere, Financiere ACT is an investment holding company which acts as a long-term investor and an active shareholder. As of Dec 31 2010, Co. held 22.1% of the share capital of PSA Peugeot Citroen. Co. usually purchases minority stakes in companies with a large family shareholding. Co. has a portfolio of private equity funds which operate mainly in Europe and countries with emerging economies. Co. also operates a financial investment and cash management business, as well as a real estate and wine-producing businesses.

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FR0000064784 Euronext Paris France

Provider

Theia Recherche

Theia Recherche donne du sens à la cotation des valeurs petites et moyennes grâce à une recherche produite aux plus hauts standards de qualité et d’indépendance.

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Analysts

François Digard

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Peugeot Invest : Lower NAV in H1, and it is set to be worse in H2, but the market is over-anticipating, discount at 62%. Target price adjusted to € 115 vs € 145

>NAV down slightly in H1… pending a worse showing in H2. - Peugeot Invest posted its first-half results. NAV came in at € 226.7m, down -4% vs end-2023. Its gross asset value came in at € 6.4bn and net assets at € 5.6bn. The non-managed portion of the portfolio (Peugeot 1810), which equates to 51% of gross assets (or € 3.2bn) and is comprised of the stakes in Stellantis and Forvia, dropped by 14%, to € 3.2bn vs € 3.7bn. In particular, Stellantis shed 13% in H1 (...

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François Digard

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Remontée probable de l’ANR au 31/12

PEUG publiera son ANR annuel le 22 mars prochain. Après un recul de 17,2% au S1, l’ANR au 31/12 devrait bénéficier de la progression des actifs cotés de 7,2% au S2 (53% de l’ABR). PEUG n’a pas communiqué sur de nouveaux investissements mais avait indiqué en septembre céder des actifs à des multiples satisfaisants. La part non cotée de l’ANR ne devrait donc pas décevoir. Au S2-22, le cours de PEUG n’a progressé que de 3% (-28% sur l’année), affichant une décote spot de 56%. Devenu insignifiant en termes de poids, Orpéa demeure un sujet important en termes de refinancement. Celui-ci devrait ...

January 6, 2023 January 6, 2023 12 FR

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H1 with 2 speeds

At the end of the first half of 2022, NAV stood at €4.78bn and NAV per share at €192, compared with €235 at the end of 2021, a decline of 17.2%, dividend reinvested. Over the period, the portfolio's diversification into unlisted investments and the high dividend payments made by Stellantis offset part of the decline in the share price of listed holdings (-31.4%).

September 16, 2022 September 16, 2022 19 EN

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Une célèbre inconnue

ODDO BHF Small & MIDCAP MORNING NEWS - 09/24/2024

ODDO BHF Small & MIDCAP MORNING NEWS - 24/09/2024

Peugeot Invest : Lower NAV in H1, and it is set to be worse in H2, but the market is over-anticipating, discount at 62%. Target price adjusted to € 115 vs € 145

Probable increase in NAV at 31/12

Remontée probable de l’ANR au 31/12

H1 with 2 speeds

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