Peugeot: Oddo still a buyer after interim results
(CercleFinance.com) - Peugeot has published H1 2019 net income, group share of 1,832 million euros, up 351 million euros (+23.
7%) year-on-year, with an underlying operating margin of 8.7%.
Following this announcement, Oddo reiterates its Buy rating on the share, maintaining its target price of 29 euros.
Oddo estimates that the profitability of the its automobile division is defying gravity, with an underlying operating margin of 8.7% (+100 bp), against the consensus of 8.1%.
Thanks to a solid cash generation, industrial net cash exceeded expectations at 7.9 billion euros (or 10.5 billion excluding Faurecia), the broker said.
In spite of a more cautious market scenario, PSA was reassuring about H2 (mix-product, cost reductions, on track in its preparation to meet regulatory deadlines, Oddo adds.
Analysts believe that with these excellent results, PSA should register the best H1 performance amongst European carmakers.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
7%) year-on-year, with an underlying operating margin of 8.7%.
Following this announcement, Oddo reiterates its Buy rating on the share, maintaining its target price of 29 euros.
Oddo estimates that the profitability of the its automobile division is defying gravity, with an underlying operating margin of 8.7% (+100 bp), against the consensus of 8.1%.
Thanks to a solid cash generation, industrial net cash exceeded expectations at 7.9 billion euros (or 10.5 billion excluding Faurecia), the broker said.
In spite of a more cautious market scenario, PSA was reassuring about H2 (mix-product, cost reductions, on track in its preparation to meet regulatory deadlines, Oddo adds.
Analysts believe that with these excellent results, PSA should register the best H1 performance amongst European carmakers.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.