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Peugeot: Oddo still a buyer; revises estimates.

(CercleFinance.com) - Oddo maintains its buy rating on the Peugeot stock, confirming its target price of 25 euros after the group announced its Q3 2017 sales.


Analysts say the numbers are better than expected, although the market is beginning to focus on Opel.

Q3 revenue is up 31.4% at 14,988 million euros, with 9 month revenues up 12.7% at 44,153 million euros. This figure includes Opel-Vauxhall for the first time over two months (August and September).

"Q3 confirms the group's comments made at the beginning of the year: a growing improvement in revenues, driven by growth in volumes and a favourable product mix," Oddo stated in its daily research report.

PSA has confirmed the targets of its Push to Pass plan (excluding Opel-Vauxhall and at constant exchange rates): with an average operating margin/Auto of 4% over 2016-2018 (against just 1.0% on average over 2001-2015), with a target of 6% in 2021. Group revenues: +10% over 2015-2018, i.e. +3.2% p.a. (compared with +0.8% on average over 2001-2015) and +15% over 2019-2021 (i.e. +4.4% p.a.).


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