Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FAURECIA. We currently have 11 research reports from 1 professional analysts.
|13Oct16 03:34||PRN||Faurecia employees "grow together" by donating over 1.1 million meals around North America during annual giving initiative|
|31Aug16 03:00||PRN||Faurecia Launches 7th Annual FUELS Food Drive with more than 20,000 employees|
Frequency of research reports
Research reports on
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’.
Revenue growth at a standstill in Q1 16
15 Apr 16
Faurecia is only consolidating a minor activity of Exterior in 2016 as the remainder has been sold to Plastic Omnium. As a consequence, it has restated its 2015 numbers. Based on this new revenue number of €4.65bn (instead of last year’s stated sales of €5.14bn), revenue was up by 0.1% to €4.66bn. On a like-for-like basis, sales increased by 4.4%.
Faurecia changes its governance structure
14 Apr 16
Starting on 1 July 2016, the positions of the CEO and the Board’s Chairman will be split. Yann Delabrière, currently occupying both positions, will become the Chairman of the Supervisory Board and Patrick Koller, currently the group’s COO and EVP Automotive Seating, will become the CEO. We very much appreciate this decision as will, most likely, some (or most?) of Faurecia’s clients. The company continues to be controlled by Peugeot but the helm of the management team is no longer occupied by a former Peugeot manager. Consequently, if auto manufacturers other than Peugeot feared of the passing on of know-how to Peugeot in the past, this threat, even if it was very unlikely and only theoretical, is diminishing.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m