Peugeot S.A.

Peugeot is an automobile manufacturer (cars and light commercial vehicles), supported by two brands: Peugeot and Citroen. Co.'s activities are divided into four main segments: Automobile (Co. designs, manufactures and markets passenger cars and light commercial vehicles under Peugeot and Citroen brands), Finance (Co. provides retail and wholesale financing to customers and dealer networks), Automotive equipment (Co. produces Interior Systems, Automotive Seating, Automotive Exteriors and Emissions Control Technologies) and Other businesses (Co. produces scooters).
  • TickerUG
  • ISINFR0000121501
  • ExchangeEuronext Paris
  • SectorAutomobiles & Parts
  • CountryFrance

Analysts

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2019

...

François Maury ...
  • Georges Dieng

ODDO : Italian car market: still on an uptrend on an undemanding base

>An increase of 6.7% in October, i.e. -0.9% YTD - Passenger car registrations rose by 6.7% in October to 157k units, i.e. a decline of 0.9% YTD to 1,625k units. For October and over 10M 2019, the figures are based on a constant number of trading days.By carmaker, VW and Renault were up sharply (+34.2% and +19.1% respectively) whilst PSA, FCA and Nissan were down (-1.4%, -1.9% and -5.3% respectively).For 2019, we expect a decline of around 1.0%, amid int...

François Maury ...
  • Georges Dieng

ODDO : Top 5 car market in Europe: increase extended in October

>+6.4% in October, i.e. -0.5% YTD - Car registrations for the Top 5 Europe (> 70% of EU+EFTA volumes) were up 6.4% in October (on an October 2018 base down -5.3%) and are almost stable YTD (-0.5%). All markets were up: Germany (+12.7%), France (+8.7%), Italy (+6.7%) and Spain (+6.3%) with the exception of the UK (-6.7%). For 2019, we forecast an increase in the German market (+2.0%) and French market (+0.5%) and declines in Italy (-1.0%), UK (-4.0%) and Spa...

Peugeot S.A.: Merger plan with FCA is credit positive

PSA's plan to merge with FCA is credit positive, but subject to execution risks. PSA's rating remains unchanged.

Peugeot S.A. - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - EN

Fiat Chrysler Automobiles (O/P) - Peugeot (O/P): Confirm Merger Talks Unicaja Banco: Tier 2 10NC5 Bond Issue Santander (O/P) - 9M-19:  Revenues of €37.0bn (+2.8%) Deutsche Bank (U/P) - 9M-19: Net Loss of €4.1bn (vs Net Profit of €455m A Year Earlier) Pirelli (O/P) - 9M-19: EBITDA of €979m (+7.8%) Fresenius (M/P) - 9M-19: EBITDA of €4.5bn (+2.7%) Atos (O/P): Completes The Sale of Worldline and €500m Convertible Issue Stora Enso (O/P) - 9M-19: EBIT of €841m (-20.2%)

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - FR

Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) : Nouvelles discussions sur une fusion des deux groupes Unicaja Banco : Emission d'une obligation Tier 2 10NC5 Santander (Achat) - 9M-19 : PNB de €37,0 mds (+2,8%) Deutsche Bank (Vente) - 9M-19 : Perte nette de €4,1mds (RN de €455m un an avant) Pirelli (Achat) - 9M-19 : EBITDA de €979m (+7,8%) Fresenius (Conserver) - 9M-19 : EBITDA de €4,5 mds (+2,7%) Atos  (Achat) : Finalise la cession de Worldline et émission convertible de €500m Stora Enso (Achat) - 9M-19 : EBIT de €841m (-20...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 23/10/2019 - Casino, BPER - Ubi Banca, Eramet- EN

Casino (O/P On Short Term Bonds, M/P On Long Term Bonds): Obtains New Secured Bank Loans, Downgrade Of Its Rating By Moody's BPER (O/P vs M/P) - UBI Banca (O/P): Rumours of A Merger Eramet (M/P): Confirms its Production Targets Softbank (M/P): $5bn Additional Funding Injected Into Wework Peugeot (O/P) - Q3-19: Revenues Up 1% To €15.6bn Crown European Holdings (M/P): Issued A €550m 3NLC 0.875% Bond Boston Scientific: 8Y Senior Unsecured Bond issue planned Akzo Nobel (M/P) - 9M19: EBITDA Of €1.0bn (+29%)

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2019

...

François Maury ...
  • Georges Dieng

ODDO : Italian car market: still on an uptrend on an undemanding base

>An increase of 6.7% in October, i.e. -0.9% YTD - Passenger car registrations rose by 6.7% in October to 157k units, i.e. a decline of 0.9% YTD to 1,625k units. For October and over 10M 2019, the figures are based on a constant number of trading days.By carmaker, VW and Renault were up sharply (+34.2% and +19.1% respectively) whilst PSA, FCA and Nissan were down (-1.4%, -1.9% and -5.3% respectively).For 2019, we expect a decline of around 1.0%, amid int...

François Maury ...
  • Georges Dieng

ODDO : Top 5 car market in Europe: increase extended in October

>+6.4% in October, i.e. -0.5% YTD - Car registrations for the Top 5 Europe (> 70% of EU+EFTA volumes) were up 6.4% in October (on an October 2018 base down -5.3%) and are almost stable YTD (-0.5%). All markets were up: Germany (+12.7%), France (+8.7%), Italy (+6.7%) and Spain (+6.3%) with the exception of the UK (-6.7%). For 2019, we forecast an increase in the German market (+2.0%) and French market (+0.5%) and declines in Italy (-1.0%), UK (-4.0%) and Spa...

François Maury ...
  • Georges Dieng

ODDO : Marché VP italien : toujours en hausse sur une base faible

>Hausse de 6.7% en octobre soit -0.9% YTD - Les immatriculations VP ont progressé de 6.7% en octobre à 157 k-unités et sont en baisse de 0.9% YTD à 1 625 k-unités. Sur octobre et sur 10 mois, les chiffres sont à nombre de jours ouvrés comparable.Par constructeur, VW et Renault ressortent en forte hausse (+34.2% et +19.1% respectivement) alors que PSA, FCA et Nissan sont en baisse (-1.4%, -1.9% et -5.3% respectivement).Pour 2019, nous tablons sur une bai...

1 director sold

A director at Peugeot Sa sold 15,000 shares at 23.917EUR and the significance rating of the trade was 78/100. 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 mem...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2019

We are adopting a more upbeat stance on the winter season thanks to capacity increases being markedly less brisk than in previous years, which offsets the impact of a deterioration in demand. IAG (Buy vs Neutral – € 7.3) becomes our Top Pick for the sector. In our view, it is the stock that stands to gain the most from the streamlining of capacity (in the transatlantic network) and boasts the most attractive valuation. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2019

Nous adoptons un ton plus optimiste sur l’hiver grâce à une croissance de l’offre tangiblement moins soutenue que lors des exercices précédents, ce qui permet de tempérer les effets de la dégradation de la demande. IAG (Achat vs Neutre – 7.3 €) devient notre Top Pick sur le secteur. C'est le titre qui, selon nous, bénéficiera le plus de la rationalité de l’offre (vers le transatlantique) et offre la valorisation la plus attractive. - Cf. étude publiée ce jour. - ...

Alfred Glaser ...
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/24/2019

The PMIs highlight the economic slowdown, but since mid-August, there has been a clear shift towards value and cyclical stocks. This apparent contradiction reveals an implicit bet by investors on the imminent upward inflection of PMIs. We therefore examined the structure of relative performance when an inflection is observed. The latter does imply a sectoral movement in favour of financial stocks at the expense of defensive stocks. Today's PMI publication will therefore be key to deci...

Alfred Glaser ...
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/10/2019

Les PMI soulignent le ralentissement de la conjoncture mais on observe, depuis mi-août, une bascule nette sur des thématiques value et cycliques. Cette contradiction apparente révèle un pari implicite des investisseurs sur l’inflexion imminente des PMI à la hausse. Nous avons donc examiné la structure des performances relatives lorsqu’une inflexion est observée. Cette dernière implique bien un mouvement sectoriel favorable aux financières aux dépens des défensives. La publication des ...

Jean-Louis Sempé

INVEST SECURITIES - GROUPE PSA (NEUTRE, OC 23€ vs 22,1€) : Un T3 résistant en Europe grâce au mix/prix

Thanks to a better fundamental star rating, PEUGEOT SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to PEUGEOT SA (FR), active in the Automobiles industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 6, 2019, the closing price was EUR 22.10 and its expected value was estimated at EUR 20.39.

Ng Adrian

Groupe PSA

Ng Adrian

Groupe PSA

Ng Adrian

Groupe PSA

Ng Adrian

Groupe PSA

Xavier Caroen

French Carmakers | | Unlike Move Leading to Dissimilar Margin Growth Potential

More Europe vs. more emerging markets? Whereas years ago, Renault and PSA were quite comparable, with high direct industrial and sales exposure to Europe and a similar product positioning, their strategies started to diverge when Renault further strengthened its presence in Russia through Avtovaz, and when PSA opportunistically bought Opel from GM to reinforce its already significant exposure to the European market. The group's exposure to Europe should be favorable in 2018-19, but not so much thereafter after.

Charles Pinel

Peugeot SA - AGM 25 April 2019

Resolutions 4 and 5 seek the appointment of two new members of the Supervisory Board: Gilles Schnepp, independent, and Thierry de la Tour d'Artaise, not independent according to ECGS (presented as independent by the company). The Board’s low independence rate leads us to recommend opposition to the second appointment (resolution 5). However, Gilles Schnepp's candidacy will be supported (resolution 4).  This year again, the company proposes to vote on a resolution allowing the allocation of anti-takeover warrants (“Bons Breton”), even though a similar resolution has been adopted with only 73.5...

Charles Pinel

Peugeot - Assemblée générale des actionnaires du 25 avril 2019

Il est proposé à l'Assemblée Générale de nommer deux nouveaux membres du Conseil de Surveillance : Gilles Schnepp, libre de tout conflit d"intérêt, et Thierry de la Tour d'Artaise, non indépendant selon Proxinvest (présenté comme indépendant par la société). Le faible taux d'indépendance du Conseil nous amène à recommander l'opposition à la seconde nomination (résolution 5). En revanche, la candidature de Gilles Schnepp sera soutenue (résolution 4). Cette année encore, la société propose au vote une résolution rendant possible l'attribution de Bons Bretons, alors même qu'une résolution simila...

Peugeot – Proxinvest Corporate Governance Rating ® : D

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...

Proxy Report - 24/04/2018

Once again this year, the Supervisory Board maintained its plan regarding the acquisition of Bons Bretons (authority to issuewarrants as an anti-takeover device, cf. resolution 23) while this authorisation was strongly opposed by shareholders during the last General Meeting (only 76,92% approved). Moreover, resolutions 11 and 12 provide with the introduction of an extraordinary compensation component in the 2017 Remuneration Policy, voted ex-post and justified as an "adjustment". This extraordinary compensation framework reflects the succesful recovery plan of Opel Vauxhall by PSA. The amount...

Proxy Report - 24/04/2018

Le Conseil de surveillance a cette année encore maintenu la possibilité d'attribution de Bons Bretons (résolution 23), ce à quoi nous nous opposons fermement. La résolution n'avait été adoptée qu'à 76,92% lors de la précédente Assemblée. L'introduction a posteriori d'une rémunération exceptionnelle à la politique de rémunération 2017 des membres du Directoire est soumise au vote aux résolutions 11 et 12 de la présente Assemblée. Les montants de cette rémunération, attribués au Président (1 M€) et à un membre du Directoire (500 000 €), sont jugés excessifs par Proxinvest. Nous attirons égalem...

Matthieu DRIOL

Short term view - PEUGEOT : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €23.99.

Matthieu DRIOL

Analyse court terme - PEUGEOT : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 23,99 €.

Matthieu DRIOL

Analyse court terme - PEUGEOT : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 19,15 €. La tendance baissière serait remise en cause au-dessus de 25,30 €.

Matthieu DRIOL

Short term view - PEUGEOT : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €19.15. The bearish trend would be challenged above €25.30.

Valérie GASTALDY

Analyse moyen terme - PEUGEOT : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 19,500 €.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch