Faurecia: Invest Securities raises target price
(CercleFinance.com) - Invest Securities confirms its buy rating on the Faurecia share, raising its target price to E48 (vs.
42.40 euros) after the group announced its H1 results.
The broker believes that these H1 2020 results were in line with estimates, with an inevitable shift of EBITA into negative territory (-114 million euros), an FCF of -1,045 million euros and a net loss of 433 million euros.
However, the 12 billion euro order intake in H1 20 has enabled the group to reformulate its guidance for the near future and particularly 2022, with sound visibility and the pleasant surprise, of a return to an EBITA margin of 8%.
The broker has revised its 2020/22e EPS estimates after this publication, now expecting -104%/-8.8%/+4.1%. The "Spin-off" at the end of 2020 should support the share's revaluation that has been underway for the past 3 months (+12%), it adds.
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