Auto parts manufacturers/Under pressure

The European automotive sector has experienced a succession of negative headlines during the last several months, starting with the second quarter earnings season and continuing in September. The negative news flow included downward revisions of previous full-year 2024 targets and some idiosyncratic developments with major European car markets and manufacturers. The headlines were particularly concentrated around Germany, with a singicant drop in new registrations durng the months of August and ...

Auto parts manufacturers/Driving forward

Positive start to this year with the first quarter season almost completed We believe that the 4Q22 earnings of the auto parts manufacturers in our coverage perimeter were mostly in line with our and market expectations. We also note that the 1Q23 reporting season is having a positive tone, supported by healthy underlying vehicle sales and manufacturing dynamic. In conjunction with the first-quarter releases, European auto parts manufacturers have also reiterated their previous full-year 2023 o...

Credit Outlook: Our 23 calls for 2023/A kind of magic

This year the title a kind of magic represents the sparkle that is present in credit markets. Turbulence will be the name of the game driven by energy prices, inflation, recession, a changing rate environment and a cost-of-living crisis. It's a kind of magic which compensates all that misery, and that magic is quite simply valuations.

INVEST SECURITIES - Faurecia : Dilution forte mais multiples toujours ...