(Boursier.com) — Forvia fell by 3% to 14.2 euros after its nice surge yesterday in the wake of its quarterly update. For the full year, Forvia still anticipates revenue of between 27.5 and 28.5 billion euros, an operating margin of between 5.6% and 6.4% and net cash flow. greater than or equal to that of 649 ME released in 2023.
This time, no drama like during the annuals, and a publication, without bad news, considered reassuring (especially after Continental), affirms Oddo BHF. As expected, organic growth of 3.1% (outperformance of 390 bps) was more than offset by negative currency effects (-4.2%) and the slightly negative scope effect (-0.6%). following this publication, the broker maintains its estimates unchanged (in line with objectives and consensus) but reduces its target from 18 to 15 euros by retaining more prudent multiples after the sector derating at the start of the year. The analyst reiterates his ‘neutral’ opinion, estimating that the momentum of results should remain difficult in the short term and visibility reduced for equipment manufacturers in general (with, in addition, more fragile financial profiles compared to manufacturers).
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