Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FAURECIA. We currently have 13 research reports from 1 professional analysts.
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Faurecia delivered what we had expected, and more
09 Feb 17
Consolidated revenue was unchanged at €18.7bn whereas EBIT increased by 17% to €970m. Both of these numbers are almost exactly in line with our projections. Net income of €638m (+72%) is clearly lower than our expected €710m. In spite of this, the dividend will be raised to €0.90 (+38%) vs. our anticipated €0.80.
Increasing its stake in a revolutionary Danish technology
14 Dec 16
Faurecia had a 42% stake in Danish Amminex Emissions Technology A/S, a company founded in 2005. It has developed an Ammonia Storage and Delivery System (ASDS) which, according to the company, almost completely eliminates NOx pollutants (99%) from any diesel engine. Faurecia is now increasing its stake to 91.5%.
Faurecia goes for connected cars
07 Dec 16
The company has entered into exclusive negotiations with Parrot Automotive, a French company involved in infotainment and connectivity solutions for the auto industry. Faurecia’s ultimate aim is to control Parrot fully. The first step will be an initial Enterprise Value investment of €20m which will give it a 20% stake. In addition, it will subscribe to a convertible bond that allows it to increase its stake to 50.01% in 2019. By 2022, Faurecia would be allowed to own all of Parrot’s equity.
Q3 16 revenue missed expectations
14 Oct 16
Consolidated sales fell by 1.9% to €4.24bn in the last quarter thus translating into 9M turnover of €13.77bn, a fall of 0.3%. Management blames the currency movement for this disappointment, which is a good €130m below the consensus median and slightly short of €90m below our expectation.
Profits have skyrocketed in H1 16
26 Jul 16
Consolidated sales increased by 0.5% to €9.53bn but EBIT was up by 28% to €490m and net earnings by 56% to €245m. While the revenue number is slightly lower than our projected €9.68bn, the two profit numbers are clearly higher (€437m and €195m, respectively). As a result of these good profit numbers, management raises its full-year operating margin guidance from ‘4.6-5.0%’ to a ‘minimum of 5.0%’.
Management’s 2018 projections see revenue rising by 6% annually
19 Apr 16
Simultaneously, it sees the EBIT margin reaching 6% in two years’ time. To achieve this, Faurecia intends to ‘expand its technology offer focused on the industry megatrends and on environmental protection’. It intends to ‘rapidly expand those product lines with strong technology content where margins and growth rates are significantly above the group’s average’.
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
N+1 Singer - Morning Song 28-03-2017
28 Mar 17
A G Barr (BAG LN) Share buybacks the main news around FY17 finals | Churchill China (CHH LN) An excellent set of 2016 results and more upgrades | Ergomed (ERGO LN) FY results show strong Services growth; Phase III Zoptrex® data ahead | Instem (INS LN) Investment to accelerate growth trajectory | Severfield (SFR LN) Strong H2 drives upgrades; CEO temporarily steps down due to ill health | Summit Therapeutics (SUMM LN) Strengthening the data package: planned extension of PhaseOut DMD | T. Clarke (CTO LN) Strong conclusion to FY16, record order book
N+1 Singer - Churchill China - An excellent set of 2016 results and more upgrades
28 Mar 17
The 2016 results are excellent with PBT growing by 28% vs our expectation of 22%. Strong export growth led the way with the keen focus on producing added value products continuing to be a key feature. This is reflected in ROCE rising by c.400bps to 20%. 2017 should further benefit from good export and new product development (NPD) momentum. We push through 4%/5% PBT upgrades and feel a premium P/E of 21.5x YR1 is merited on over-delivery/attractive growth considerations. The shares have re-rated by 4 P/E points YTD but we stay positive on a 12m view.