EU Autos’ Consensus Too High, Prefer VW vs Suppliers, Exane Says
2014-09-02 06:30:36.248 GMT
By Brian Lysaght
Sept. 2 (Bloomberg) -- European autos’ 2015 growth
expectations look too high, best to buy selectively on weakness,
says Exane BNP Paribas in note dated yday.
* 2015 sector EPS ests. cut ~10%, global vehicle demand growth
forecast lowered to 3.5% vs previous 5.5%; Europe, China
remain “sweet spots”
* Prefer automakers to suppliers, where valuations are high
* VW raised to outperform from neutral; see solid earnings,
lack of bad news, attractive valuation
* Valeo cut to underperform from neutral; Continental and
Faurecia both cut to neutral from outperform: Exane BNP
* See yday: EU Autos Underperform in Aug.; Rheinmetall, Nokian
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To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net
2014-09-02 06:30:36.248 GMT
By Brian Lysaght
Sept. 2 (Bloomberg) -- European autos’ 2015 growth
expectations look too high, best to buy selectively on weakness,
says Exane BNP Paribas in note dated yday.
* 2015 sector EPS ests. cut ~10%, global vehicle demand growth
forecast lowered to 3.5% vs previous 5.5%; Europe, China
remain “sweet spots”
* Prefer automakers to suppliers, where valuations are high
* VW raised to outperform from neutral; see solid earnings,
lack of bad news, attractive valuation
* Valeo cut to underperform from neutral; Continental and
Faurecia both cut to neutral from outperform: Exane BNP
* See yday: EU Autos Underperform in Aug.; Rheinmetall, Nokian
Renkaat Slide
Link to Company News:291187Z FP <Equity> CN <GO>
Link to Company News:F IM <Equity> CN <GO>
Link to Company News:PC IM <Equity> CN <GO>
Link to Company News:UG FP <Equity> CN <GO>
Link to Company News:RNO FP <Equity> CN <GO>
Link to Company News:EO FP <Equity> CN <GO>
Link to Company News:FR FP <Equity> CN <GO>
Link to Company News:ML FP <Equity> CN <GO>
Link to Company News:GKN LN <Equity> CN <GO>
Link to Company News:NRE1V FH <Equity> CN <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net