Faurecia released globally expected sales after its recent profit warning and guidance cut in late September. Some delays in volume and labour shortage in the US weighed on the Seating business, while this was offset by a consensus beat on Clean Mobility. Overall, Faurecia posted an 11.4% yoy organic decline, outperforming the market by 780bp. At current valuation, we believe that the share price does not fully reflect the opportunities offered by acquiring Hella.