Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PEUGEOT SA. We currently have 17 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
PSA signs €8bn, 5-year logistics contract with Gefco
03 Nov 16
Starting on 1 January 2017, Gefco (25% controlled by PSA with the remainder owned by the Russian Railway) will exclusively provide PSA with the global manufacturing supply chain. Gefco will not only source the components and deliver them to the production plants, it will also deliver final cars to clients around the world. In addition, it will distribute spare parts. According to PSA, this contract is worth €8bn or €1.6bn annually. We regard this contract as being excessively expensive. PSA produces around 3m cars annually. Dividing the above amount (€1.6bn annually) by the number of vehicles translates into costs of more than €500 per vehicle. As PSA’s ex-factory sales price is extremely low (a good €12,000), logistic costs will consume around 4.5% of a vehicle’s sales price.
Volume and revenue fall accelerated in Q3
26 Oct 16
PSA now includes the vehicles produced by a joint-venture in Iran in its published volume numbers. Including these, shipments were up by 11% to 0.68m in Q3 and 2.9% to 2.23m ytd. Simultaneously, revenue fell by 8% to €11.4bn in the last quarter and by 5.1% to €39.2bn ytd.
Financing joint-venture now fully operational throughout Europe
07 Oct 16
Poland was the last country where the joint-venture with Santander Consumer Finance is now fully operational. It provides wholesale financing for Peugeot, Citroen and DS dealers and retail financing to the dealers’ customers. In addition to Europe, the joint-venture is also operational in Brazil. As a result, PSA’s balance sheet should not include any financing receivables in the future. As the joint-venture is not fully-consolidated but at-equity, the group’s net debt had fallen from more than €20bn at the end of 2013 to €3.3bn at the end of 2014 and this turned into a small amount of net cash (€761m) in 2015.
Joining forces in car sharing in Canada and California
28 Sep 16
The PSA Group together with the Canadian merchant bank MacKinnon, Bennett & Co. (MKB) have jointly acquired a stake in Communauto, a Canadian car-sharing company primarily active in the province of Quebec and a location in Paris. This way, PSA believes that it can participate in this rapidly growing market. The press release states that PSA delivers ‘mobility solutions and provides freedom and enjoyment to customers around the world’. We had not known that PSA is active in North America. It also states that Communauto ‘is the first North American car-sharing organisation (well, Canadian is the better description) to offer a large fleet of 100% electric vehicles’ whereas MKB talks about a fleet of vehicles that includes EVs, hybrids and petrol-driven cars. Earlier this month PSA announced a joint-venture with Bolloré to build-up a car-sharing operation in Los Angeles. We are not sure whether these investments are useful. Communauto will certainly not use PSA’s vehicles in the future in Canada as there is no service network. We believe the same is true for LA. Or do these investments mean that PSA is starting to enter the North American car market which will help achieving CEO Carlos Tavares’ goal that the group can generate €300m of revenue from mobility services by 2021?
New Chinese car plant opened
07 Sep 16
The PSA-Dongfeng joint-venture has opened its fourth Chinese car plant. This all-new plant with an annual capacity of 300,000 vehicles will focus on manufacturing SUVs with the Peugeot 4008 being the first model. According to PSA’s management, this plant is needed to reach the 1m vehicles goal for China & South-East Asia by 2018. Unlike the Chinese market, the joint-venture has suffered falling sales numbers in both 2015 (-1% to 735,700 vehicles) and H1 16 (-19% to 296,507). These numbers include South-East Asia, but we do not believe that a large share of these cars was sold outside China, i.e. the fall must have occurred in China. Our current projections see regional sales falling by 11% in the full year, but this requires the drop to be as low as 2% in H2 16.
Panmure Morning Note 01-12-16
01 Dec 16
Consistent with the FY16 trading update/pre-close on September 14, today’s FY16 results are in line with our and consensus underlying PBT expectations of £12.5m (+22.5% YoY). The total FY16 dividend is up 36%, covered 3.4x, whilst net cash is £6.9m (+53%). FY16 represented another good year of execution, and FY17 has started well. The company's business mix is now more diverse across geographies (International accounted for 26% of total sales vs 21% in FY15) and we see CCT’s increasing diversity in retail distribution as both a further risk-mitigation and opportunity driver. We make no changes to our FY17 and FY18 PBT forecasts of £13.5m and £14.5m (albeit, we make some changes to the constituent parts) and introduce a FY19 PBT of £15.5m. We maintain our BUY and TP of 635p.
Strong H2 expected
30 Nov 16
H1 results were in line with expectations with PBT of £9.0m, EPS of 9.9p and DPS of 7.2p. The NAV / share is 253p. We expect the company to have a strong H2 based on its forward sales position and the timing of developments coming through. Telford has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyers. No change to forecasts at this stage.
US$500m to be invested in start-ups by 2026
28 Nov 16
BMW started a venture capital fund in 2011 with an initial investment of $100m. This is now to be expanded to $500m within the next ten years. The fund, called ‘BMW i Ventures’, has been moved from NYC to Mountain View, CA, to have closer access to the technology developed in the Silicon Valley. The investment focus will be on Enabling Technology and Digital Vehicle Technology, Mobility and Digital Services, Customer Experience, and Advanced Production Technology. According to BMW, the fund has closed 15 deals in ‘mobility-related’ technologies so far. It typically acquires a minority stake in start-ups which allows it to gain access to external innovations (so-called ‘outside-in’) that secure the company’s role as a technology pioneer. Simultaneously, it provides support for start-ups by offering internal resources (so-called ‘inside-out’) such as technical expertise and access to its own network of an established car producer.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
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
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.