Valeo: Oddo BHF still on hold after results
(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Valeo shares with an unchanged target price of E10 (cp E9.
5, -9%).
Last night, Valeo published quarterly sales of E4967m, down 5% on a reported basis and 3% below expectations.
In this context, the automotive supplier has reduced its full-year sales target (-3% vs. consensus; E21.3bn, vs. E22bn), citing an increasingly difficult environment, while maintaining its OM and FCF targets.
Sentiment around automotive suppliers, which has been very negative since the start of the year (Valeo -25% YTD), which has improved since the start of the results season in the absence of (further) bad news, but this publication and the much more cautious message from management should dampen investors' spirits, Oddo BHF says.
The broker points to the CEO's very cautious tone regarding the company's 2025 outlook, in sharp contrast to the fairly confident message of recent weeks.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
5, -9%).
Last night, Valeo published quarterly sales of E4967m, down 5% on a reported basis and 3% below expectations.
In this context, the automotive supplier has reduced its full-year sales target (-3% vs. consensus; E21.3bn, vs. E22bn), citing an increasingly difficult environment, while maintaining its OM and FCF targets.
Sentiment around automotive suppliers, which has been very negative since the start of the year (Valeo -25% YTD), which has improved since the start of the results season in the absence of (further) bad news, but this publication and the much more cautious message from management should dampen investors' spirits, Oddo BHF says.
The broker points to the CEO's very cautious tone regarding the company's 2025 outlook, in sharp contrast to the fairly confident message of recent weeks.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.