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

Michael Foundoukidis

ODDO : Auto suppliers still under pressure in the run-up to publications

In the run-up to publications, we have revised down our 2019 production scenario (-3.5% est. vs -1.6%), our estimates (~4% on average) and our target prices (~5% on average). In the face of persistently unfavourable momentum, we are sticking with our cautious stance on suppliers (Valeo downgraded to Reduce vs Neutral) and our preference for the tyre segment and Michelin, in particular. - >The assumption of a rebound in production in H2 2019 has been cast into doubt - ...

Michael Foundoukidis

ODDO : Les équipementiers encore sous pression à l’approche des publications

A l’approche d’une saison de publications à haut risque, nous révisons en baisse notre scénario de production 2019 (-3.5%e vs -1.6%), nos estimations (~4% en moyenne) et nos objectifs de cours (~5% en moyenne). Face à un momentum qui devrait donc rester difficile, y compris sur 2020/21, nous maintenons notre prudence sur les équipementiers (nous dégradons Valeo à Alléger vs Neutre) et notre préférence pour les pneus et Michelin. - >La thèse du rebond de la production au S2...

Richard Hilgert

Morningstar | EO Updated Forecasts and Estimates from 20 Jun 2019

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 fiscal quarter of each year. For the first quarter of 2019, Faurecia reported EUR 4.3 billion in revenue, representing a 0.2% increase on a reported basis compared with the prior year. Excluding the favorable impact of currency translation, organic revenue growth would have declined 1.1%. However, global light-vehicle production declined 6.9%, meaning that Faurecia's organic revenue outperformed global auto production by 5...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/28/2019

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Faurecia: Update Following Publication of FY2018 results and closing of Clarion acquisition

Update to discussion of credit profile following the closing of the Clarion acquisition

Faurecia SA - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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.

Michael Foundoukidis

ODDO : Auto suppliers still under pressure in the run-up to publications

In the run-up to publications, we have revised down our 2019 production scenario (-3.5% est. vs -1.6%), our estimates (~4% on average) and our target prices (~5% on average). In the face of persistently unfavourable momentum, we are sticking with our cautious stance on suppliers (Valeo downgraded to Reduce vs Neutral) and our preference for the tyre segment and Michelin, in particular. - >The assumption of a rebound in production in H2 2019 has been cast into doubt - ...

Michael Foundoukidis

ODDO : Les équipementiers encore sous pression à l’approche des publications

A l’approche d’une saison de publications à haut risque, nous révisons en baisse notre scénario de production 2019 (-3.5%e vs -1.6%), nos estimations (~4% en moyenne) et nos objectifs de cours (~5% en moyenne). Face à un momentum qui devrait donc rester difficile, y compris sur 2020/21, nous maintenons notre prudence sur les équipementiers (nous dégradons Valeo à Alléger vs Neutre) et notre préférence pour les pneus et Michelin. - >La thèse du rebond de la production au S2...

Richard Hilgert

Morningstar | EO Updated Forecasts and Estimates from 20 Jun 2019

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 fiscal quarter of each year. For the first quarter of 2019, Faurecia reported EUR 4.3 billion in revenue, representing a 0.2% increase on a reported basis compared with the prior year. Excluding the favorable impact of currency translation, organic revenue growth would have declined 1.1%. However, global light-vehicle production declined 6.9%, meaning that Faurecia's organic revenue outperformed global auto production by 5...

Michael Foundoukidis

ODDO : Renault-FCA: what impact for suppliers?

>Winner and losers, as always - The announcement of discussions between Renault and FCA regarding the merger project may have not insignificant consequences for auto suppliers. The announcement by FCA of a six-year synergy target of € 5bn, of which 40% stemming from purchasing is, granted, ambitious but also reflects the importance of this domain to such a tie-up and may suggest the prospect of greater consolidation within the supplier’s space. Whilst some suppliers w...

Michael Foundoukidis

ODDO : Renault-FCA : quelle lecture pour les équipementiers ?

>Des gagnants et des perdants, comme toujours - L’annonce de discussions entre Renault et FCA quant à un projet de fusion pourrait avoir des conséquences non négligeables pour les équipementiers. L’annonce par FCA d’un objectif de synergies de 5 Md€ à un horizon de 6 ans, dont 40% provenant des achats, est certes ambitieux mais témoigne du rôle clé de ce poste dans un tel rapprochement et plaide, sans doute, pour davantage de consolidation au sein du segment. Certains...

1 director sold

A director at Faurecia sold 3,273 shares at 38.000EUR and the significance rating of the trade was 59/100. 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 member...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/28/2019

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Anis Zgaya ...
  • Hana Maalej
  • Jean-François Granjon
  • Khaled Ben Amor
  • Michael Foundoukidis
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/28/2019

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François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/05/2019

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Anis Zgaya ...
  • Hana Maalej
  • Jean-François Granjon
  • Khaled Ben Amor
  • Michael Foundoukidis
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 28/05/2019

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Alfred Glaser ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jerôme Bodin
  • Laurence Hofmann
  • Martial Descoutures
  • Michael Foundoukidis
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2019

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FAURECIA SE sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of FAURECIA SE (FR), active in the Auto Parts industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 7, 2019, the closing price was EUR 41.32 and its target price was estimated at EUR 33.75.

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...

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...

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...

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 ...

Expert Corporate Governance Service (ECGS)

Faurecia - AGM and EGM 28 May 2019

The mandates of the statutory auditors are coming to an end. It is therefore proposed to renew the mandate of Ernst & Young and to approve the appointment of Mazars to replace PriceWaterhouseCooper. The latter will be supported, but the renewal of Ernst & Young in office for 36 years will not be supported.  Of the five appointments and cooptations proposed, only two will be supported. Indeed, three candidates are considered as non-independent by ECGS while the Board presents a majority of members who are not free of potential conflicts of interest (resolutions 7 to 11).  The main change in t...

Charles Pinel

Faurecia - Assemblée générale des actionnaires du 28 mai 2019

Les mandats des commissaires aux comptes arrivent à échéance. Il est donc proposé de renouveler le mandat d'Ernst & Young et d'approuver la nomination de Mazars en remplacement de PriceWaterhouseCooper. Cette nomination sera soutenue, mais le renouvellement d'Ernst & Young en fonction depuis 36 ans ne pourra pas l'être.  Parmi les cinq nominations et cooptations proposées au conseil, seules deux seront soutenues. En effet, trois candidats sont considérés comme non-indépendants par Proxinvest alors que le conseil présente une majorité de membres non libres de conflits d'intérêts potentiels (ré...

Faurecia – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to cyclicals Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. • Actionable Sectors: Consumer Discretionary and Manufacturing. Today's recommendations focus on autos, auto parts, and machinery which span the Discretionary and Manufacturing Sectors. We initially recommended adding exposure to autos and auto parts in our 3/14/19 Int'l Compass, and we view the recent mild pullb...

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 €.

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