EU Autos Slow Recovery On Track: JPM; Daimler Has Upside: Exane
2014-05-29 07:06:57.695 GMT
By Brian Lysaght
May 29 (Bloomberg) -- European auto market recovery is
“slowly materializing,” with discounts stabilizing at high
level in Europe and falling for premium brands in China,
JPMorgan says.
* Car order index rising slowly in Europe
* Prefer suppliers (Valeo, Faurecia, Pirelli) to carmakers
* Daimler to deliver sequential margin improvement next 3
qtrs; VW is best volume carmaker for recovery: JPM
* Exane says it’s too early to sell Daimler, shares have 15%
upside to PT EU80; reiterated outperform
* 2Q results should ease concerns of bears about margins;
expect a steady increase in Mercedes margins to 9% by 4Q
* Trades on 9.8x 2015e P/E, ~10% historic discount
Link to Company News:{JPM US <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>}
Link to Company News:{F US <Equity> CN <GO>}
Link to Company News:{GM US <Equity> CN <GO>}
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To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net
2014-05-29 07:06:57.695 GMT
By Brian Lysaght
May 29 (Bloomberg) -- European auto market recovery is
“slowly materializing,” with discounts stabilizing at high
level in Europe and falling for premium brands in China,
JPMorgan says.
* Car order index rising slowly in Europe
* Prefer suppliers (Valeo, Faurecia, Pirelli) to carmakers
* Daimler to deliver sequential margin improvement next 3
qtrs; VW is best volume carmaker for recovery: JPM
* Exane says it’s too early to sell Daimler, shares have 15%
upside to PT EU80; reiterated outperform
* 2Q results should ease concerns of bears about margins;
expect a steady increase in Mercedes margins to 9% by 4Q
* Trades on 9.8x 2015e P/E, ~10% historic discount
Link to Company News:{JPM US <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>}
Link to Company News:{F US <Equity> CN <GO>}
Link to Company News:{GM US <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