Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
  • TickerEO
  • ISINFR0000121147
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance

Analysts

Faurecia SA: Update Following Proposed Acquisiton of Clarion

Update to discussion of credit profile following the announcement to acquire Clarion in Q1 2019

Matthieu DRIOL

Short term view - FAURECIA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €46.55. The next target is at €39.26, then €36.01. Passing €57.68 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - FAURECIA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 46,55 € prochainement. Le prochain objectif est à 39,26 €, puis 36,01 €. Le franchissement de 57,68 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - FAURECIA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €39.26. The background trend would be questioned should prices rise above €57.68.

Matthieu DRIOL

Analyse court terme - FAURECIA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 39,26 €. La tendance de fond serait remise en cause en cas de franchissement de 57,68 €.

Faurecia SA: Update Following Proposed Acquisiton of Clarion

Update to discussion of credit profile following the announcement to acquire Clarion in Q1 2019

FAURECIA SA: Faurecia's debt-financed acquisition of Clarion is credit negative; rating remains unchanged

The debt-financed acquisition of Clarion will increase Faurecia's leverage, but key credit metrics remain in line with our requirements for a Ba1.

Faurecia SA: Key Facts and Statistics - H1 June 2018

A summary company profile, detailing Faurecia SA’s business operations and financial highlights.

Faurecia SA - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Faurecia SA - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Michael Foundoukidis

Faurecia : Clarion: debatable strategic rationale and timing

>More cautious approach given the current momentum - On the back of Faurecia’s announcement of the acquisition of Japanese player Clarion, we have revised down our estimates and factored in our new more cautious production scenario for 2019 (+0.3% est.), as is also the case for Valeo and Plastic Omnium. As a result, and also in light of the sector’s derating and lack of visibility, we have lowered our target price to € 45 (vs € 60). Accordingly, we are sticking w...

Jean-Louis Sempé

INVEST SECURITIES - Faurecia : Naissance de la 4ème « business unit » du groupe - ACHAT ; OC : 60€ vs 62€

Le groupe a annoncé vendredi matin un accord en vue de la prise de contrôle de Clarion, groupe japonais coté, filiale d'Hitachi. Cette opération à finaliser au T1 2019 va permettre de regrouper Clarion avec Coagent et Parrot, récemment acquis, pour créer une quatrième branche d'activité focalisée sur les systèmes d'équipement du cockpit et de l'aide à la conduite (ADAS) avec, à la clé, des synergies chiffrées à 90m€ en 2022. Le CA de cette nouvelle branche est annoncé à 2Mds€ en 2022. Nos estimations 2019/20e intégrant le coût d'acquisition de 1,1Md€ et la montée des marges de Clarion, sont i...

Michael Foundoukidis

Faurecia : Clarion : un intérêt stratégique et un timing en débat

>Une approche plus prudente face à l’environnement actuel - Nous avons profité de l’annonce par Faurecia de l’acquisition du japonais Clarion pour revoir en baisse nos estimations et intégrer notre scénario de production plus prudent sur 2019 (+0.3%e), comme nous l’avons également fait pour Valeo et POM. Par conséquent et également suite au derating sectoriel et à l’absence de visibilité, nous avons revu en baisse notre objectif de cours à 45 € (vs 60 €). Ainsi, ...

Richard Hilgert

Morningstar | Faurecia Reports 3Q 2018 Revenue, Confirms 2018 Guidance; Maintaining EUR 37 Fair Value Estimate

No-moat rated French auto parts supplier Faurecia is required to disclose full financial statements every six months. The company reports only revenue in the first and third quarter of each year. For the third quarter 2018, Faurecia reported EUR 4.0 billion in revenue, representing a 5.9% increase compared with the prior year. Excluding the unfavorable impact of currency translation and bolt-on acquisitions, organic revenue growth would have been 4.7%. The company had adopted IFRS 15 accounting in the first quarter this year and restated the third-quarter year-ago results. The accounting stand...

Michael Foundoukidis

Faurecia : Une publication solide dans un contexte boursier qui l’est beaucoup moins

>La défiance est bel et bien là - Malgré une publication légèrement supérieure aux attentes, une confirmation des objectifs 2018 et une tonalité du CFO aussi positive que possible lors de la conférence téléphonique, Faurecia a ouvert en baisse de près de 4% avant de légèrement rebondir dans la journée et clôturer en baisse de 1,4% (SXAP en baisse de 1,3%). Ainsi, la défiance autour du secteur automobile, et notamment des équipementiers, reste d’actualité. Au-delà d’év...

A director bought 400 shares at 64.670EUR and

A director at Faurecia bought 400 shares at 64.670EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2018

The current sell-off and the previous corrections have the same causes: doubts on the macro-economic cycle with fears of a brutal slowdown potentially aggravated by a pro-cyclical monetary policy. The US bond market has an optimistic view of this apocalyptic picture. The potential for the yield on US Treasuries to increase via real rates seems exhausted and paves the way for a decline in long-term rates, a support factor for equities, provided, however, that the Democrats prevail. Th...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/10/2018

Le sell-off actuel et les corrections précédentes ont les mêmes causes : doutes sur le cycle macroéconomique avec crainte d’un ralentissement violent, potentiellement aggravé par une politique monétaire procyclique. Le marché obligataire US oppose une vision optimiste à ce tableau apocalyptique. Le potentiel de progression du rendement de l’UST via les taux réels semble épuisé et ouvre la porte à une baisse des taux longs, facteur de soutien pour les actions à condition toutefois que ...

Alex Koagne ...
  • Emmanuel Matot
  • Michael Foundoukidis
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/12/2018

The development of ISS in integrated services and key accounts should make it possible to speed up growth and boost margins. Aside from the strong rebound in operations expected in 2019, solid FCF generation will likely be the driver in the medium term for the valuation. This valuation is attractive in our view at 10.5x 2019e EV/EBIT. - Cf. equity report - ...

Alex Koagne ...
  • Emmanuel Matot
  • Michael Foundoukidis
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/10/2018

Le développement d’ISS sur les services intégrés et les grands comptes devrait lui permettre d’accélérer sa croissance et d’accroître sa rentabilité. Outre le fort rebond opérationnel attendu en 2019, la solide génération de FCF sera le driver de la valorisation à moyen terme. Celle-ci nous paraît attractive à 10.5x en VE/EBIT 19e. - Cf. étude publiée ce jour. - ...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • François Maury
  • Georges Dieng
  • Michael Foundoukidis
  • Olfa Taamallah
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2018

The announcement of an Italian budget deficit of 2.4% has poured cold water on our hopes. At first glance, it contradicts our bet on an easing of the Italian risk premium, and therefore our European Overweight call for Q4 and for a cyclical and value rotation. But we think it is too early to capitulate: 1/ the budget has not been presented, or debated, and the market reaction (BTP +30bp) may set the stage for some negotiating room; 2/ Italy is not about to leave the euro. In short, th...

FAURECIA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of FAURECIA (FR), a company active in the Auto Parts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 21, 2018, the closing price was EUR 57.00 and its potential was estimated at EUR 62.23.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Anne-Barbara Nicco

Faurecia : Limited impact on the credit from the Clarion acquisition

Faurecia announced the acquisition of Japanese company Clarion for € 1.2bn, including debt. There was no question of "if" but "when" in the announcement of a transforming acquisition by Faurecia, a possibility that did not prevent us from recommending to subscribe to Faurecia's 2025 bond issue in February 2018, given the very limited 0.2x leverage of the company and its rigorous financial policy (management widely communicated on its commitment to maintain leverage under the 1x m...

Anne-Barbara Nicco

Faurecia : Limited impact on the credit from the Clarion acquisition

Faurecia announced the acquisition of Japanese company Clarion for € 1.2bn, including debt. There was no question of "if" but "when" in the announcement of a transforming acquisition by Faurecia, a possibility that did not prevent us from recommending to subscribe to Faurecia's 2025 bond issue in February 2018, given the very limited 0.2x leverage of the company and its rigorous financial policy (management widely communicated on its commitment to maintain leverage under the 1x m...

Anne-Barbara Nicco

Faurecia : Impact crédit limité de l’acquisition de Clarion

Faurecia a annoncé l’acquisition du groupe japonais Clarion pour 1.2 md EUR dette incluse. Il n’était pas question de « si » mais de « quand » au sujet de l’annonce d’une acquisition transformante par Faurecia, une possibilité qui ne nous avait pas empêchés de recommander de souscrire à l’émission Faurecia 2025 en février 2018, compte tenu de leverage ramené à 0.2x et de la rigueur du groupe en terme de politique financière (il avait largement communiqué sur sa volonté de ne pas ...

Jehanne Leroy

Proxy Report - 29/05/2018

ITEMS 9 and 10: Amounts granted in 2017 to Mr Delabrière and Mr de Rosen are excessive compared to the SBF120 median ITEM 11: Although the company’s disclosure allows shareholders to clearly understand amounts granted, the latest are excessive and unbalance the global structure of the 2017 total remuneration of Mr Koller, CEO. ITEM 8: the company proposes to increase by 10% the fixed remuneration. This increase is not itself an issue. However, the company did not compensate this increase (by decreasing the maximum bonus to 150% of fixed remuneration for example). It is unfortunate as structu...

Jehanne Leroy

Proxy Report - 29/05/2018

Les montants attribués au titre de 2017 aux Président Yann Delabrière et Michel de Rosen (respectivement 303 071 € et 321 876 €) excèdent la médiane des rémunérations totale des Présidents non exécutifs du SBF 120. Aussi, nous ne soutenons pas les résolutions 9 et 10.De la même façon, bien que la communication de la société permette une bonne compréhension des montants attribués à M. Koller, Directeur général, ceux-ci sont bien trop généreux et déséquilibrent la structure de la rémunération totale de M. Koller pour 2017. Nous ne soutenons donc pas non plus la résolution 11. Par ailleurs, si l...

Matthieu DRIOL

Short term view - FAURECIA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €46.55. The next target is at €39.26, then €36.01. Passing €57.68 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - FAURECIA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 46,55 € prochainement. Le prochain objectif est à 39,26 €, puis 36,01 €. Le franchissement de 57,68 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - FAURECIA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €39.26. The background trend would be questioned should prices rise above €57.68.

Matthieu DRIOL

Analyse court terme - FAURECIA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 39,26 €. La tendance de fond serait remise en cause en cas de franchissement de 57,68 €.

Matthieu DRIOL

Medium term view - FAURECIA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €36.31, then €26.13. Passing €75.81 would question the continuation of the fall.

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