Valeo S.A.

Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.
  • TickerFR
  • ISINFR0013176526
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance

Analysts

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

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Michael Foundoukidis

Valeo : Reassuring short term, worrisome medium term, and lingering doubts…

>And Valeo confirmed its guidance… - With H1 2019 results that at first glance look encouraging, and even very solid in terms of FCF, Valeo successfully demonstrated that its core business had hit a trough in H2 2018 and that the recovery, while still modest, was under way. Moreover, whereas we were expecting full-year guidance to be downgraded given the less favourable economic climate, the group surprised by sticking to its full-year targets (or almost… as reflected...

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...

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

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

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Valeo S.A.: Key Facts and Statistics - FYE Dec 2016

CORPORATES ISSUER PROFILE 17 May 2017 TABLE OF CONTENTS Company Overview 1 Business Description 2 Management Strategy 4 Financial Highlights 6 Capital Structure and Debt Maturity 8 Company Management 10 Ownership Structure 11 Subsidiaries 12 Peer Group 12 Related Websites and Information

Valeo S.A. - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Valeo S.A. - December 2016 (LTM) 14 March 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE May-15 FYE May-16 LTM Nov-16 FYE Dec-14 FYE Dec-15 LTM Sep-16

Michael Foundoukidis

Valeo : Reassuring short term, worrisome medium term, and lingering doubts…

>And Valeo confirmed its guidance… - With H1 2019 results that at first glance look encouraging, and even very solid in terms of FCF, Valeo successfully demonstrated that its core business had hit a trough in H2 2018 and that the recovery, while still modest, was under way. Moreover, whereas we were expecting full-year guidance to be downgraded given the less favourable economic climate, the group surprised by sticking to its full-year targets (or almost… as reflected...

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...

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 bought

A director at Valeo bought 1,000 shares at 44.520USD and the significance rating of the trade was 58/100. 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 members...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

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

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

...

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

...

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

The independent financial analyst theScreener just lowered the general evaluation of VALEO (FR), active in the Auto Parts industry. As regards its fundamental valuation, the title now shows 3 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 10, 2019, the closing price was EUR 28.55 and its target price was estimated at EUR 22.18.

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...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

HELLA KGaA Hueck & Co. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's HELLA KGaA Hueck & Co. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by HELLA KGaA Hueck & Co. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advan...

MarketLine Department

Denso Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Denso Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Denso Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key...

MarketLine Department

Visteon Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Visteon Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Visteon Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. ...

MarketLine Department

Autoliv, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Autoliv, Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Autoliv, Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

ICD Research Department

Ficosa International, S.A. : Automotive - Company Profile & SWOT Analysis

Synopsis ICD's "Ficosa International, S.A. : Automotive - Company Profile & SWOT Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, mergers & acquisitions, recent developments, key employees as well as company locations and subsidiaries. Summary This report is a crucial resource for industry executives and anyone looking to access key information about "Ficosa International, S.A." The report utilizes a...

Charles Pinel

Valeo - Assemblée Générale des actionnaires du 23 mai 2019

GOUVERNANCE Il est proposé de renouveler le mandat d'administrateur de Jacques Aschenbroich, Président-Directeur Général, âgé de 64 ans. Bien que Proxinvest s'oppose au cumul des fonctions de Président du conseil et de Directeur Général, la résolution sera soutenue car le conseil a décidé de mettre en œuvre la dissociation des fonctions durant les deux premières années faisant suite à ce renouvellement (résolution 6). Par ailleurs, deux nouveaux administrateurs indépendants rejoindront le conseil (résolutions 7 et 8). REMUNERATION Dans le contexte d'un exercice très difficile, le bonus 201...

Expert Corporate Governance Service (ECGS)

Valeo - AGM and EGM 23 May 2019

GOVERNANCE  It is proposed to renew the term of office as director of Jacques Aschenbroich, Chairman and Chief Executive Officer, aged 64. Although ECGS is opposed to the combination of the functions of Chairman of the Board and Chief Executive Officer, the resolution will be supported because the Board has decided to implement the dissociation of functions during the two years following this renewal (resolution 6).  In addition, two new independent directors will join the Board (resolutions 7 and 8).  REMUNERATION  In the context of a very difficult year, the 2018 bonus of Jacques Aschenb...

Valeo – Proxinvest Corporate Governance Rating ® : B

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...

Charles Pinel

Proxy Report - 23/05/2018

La rémunération de Jacques Aschenbroich, Président Directeur Général, avait flambé en 2016. Elle demeure à des niveaux très élevés en 2017 en continuant de dépasser notre plafond de 240 SMICs. Plusieurs critères de performance utilisés pour le calcul du bonus annuel sont en baisse mais le niveau de celui-ci demeure malgré tout conséquent (1 279 000€). La résolution 9 offre l'opportunité aux actionnaires d'utiliser leur nouveau droit de véto offert par la Loi Sapin 2 (vote contraignant ex-post) . Les modifications apportées à la politique de rémunération pour 2018 sont assez décevantes au rega...

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

Analyse court terme - VALEO : La tendance de fond est clairement orientée à la baisse.

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 22,78 €. La tendance de fond serait remise en cause en cas de franchissement de 42,20 €.

Matthieu DRIOL

Short term view - VALEO : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €22.78. The background trend would be questioned should prices rise above €42.20.

Matthieu DRIOL

Short term view - VALEO : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €22.78, then €21.57. Passing €42.20 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - VALEO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 22,78 €, puis 21,57 €. Le franchissement de 42,20 € remettrait en cause la suite de la baisse.

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