Valeo 3,75% 2013 fr0010206334

[pier_pat]

Buongiorno,

vi chiedo un parere sul titolo in questione. Qualcuno lo segue e soprattutto qualcuno ha informazioni sullo stato di salute di Valeo. Ok che è automotive, ma è anche leader mondiale ed è francese, quindi il rischio emittente mi pare limitato.

La cedola è bassina, ma il rendimento netto è un buon 7,5%.

In particolare mi interesserebbe fare uno switch con GIE PSA 2011, che venderei in gain (mantenendo la 2033 comprata a 55) per passare a Valeo 2013. Che ne dite?

Grazie a tutti per un commento!

[Bosco]

Ciao,su fineco non mi da neanche il rating

[pier_pat]

Originalmente inviato da Bosco

Ciao,su fineco non mi da neanche il rating

neanche su eTLX, ma direi che non è poi così importante vista l'evidente incongruenza di molti giudizi (esempio ovvio, lehman da un lato, ma anche LVMH che è BBB+ se non sbaglio ma ritengo molto solido come titolo).

mi pare che a suo tempo da qualche parte nel forum (credo una discussione di qualche tempo fa su corporate bond iniziata da luke, con un bellissimo foglio excell con rapporto debt/equity bollino verde) venisse valutata come poco indebitata, ma risentisse negativamente della view sul settore auto.

mi piacerebbe avere però qualche aggiornamento e qualche parere in proposito. oggi non l'ho seguita fino alla fine, ma ad un certo punto faceva + 2 e rotti.

[luke75]

ciao
sotto trovi i dati di Valeo del primo trimestre pubblicati giusti ieri..

In million euros

(unaudited)
1 January - 31 March Q4
2009 2008 change 2008
Sales2 1,624 2,437 -33.4%
Gross margin 185 391 -52.7%
% of sales 11.4% 16.0% -4.6pts 12.1%
Operating margin3 -66 90 na
% of sales -4.1% 3.7% na
Operating income -83 86 na
% of sales -5.1% 3.5% na -
Net income attributable to company shareholders -159 43 na
PERDITA DEL PRIMO TRIMESTRE 159 MLN EURO

1 Net cash provided by operating activities less net tangible and intangible investment flows less net interest paid
2 As of 1 January 2009, the presentation of Group results has been modified, with other operating revenues being reclassified mainly as research and development expenses. For the first quarter 2008, operating revenues totaled 35 million euros, of which 2 million euros were reclassified as sales.
3 Operating income less other income and expenses


First quarter 2009 results

The collapse of global automobile production which began in the fourth quarter of 2008 (-21%) accelerated significantly in the first quarter of 2009 (-38%). Since the month of March, there has been a slight improvement in some key markets in Europe, thanks to vehicle scrapping programs (Germany, France, Italy), and in Brazil, as well as a noticeable turnaround in China. In each of the world’s major markets, Valeo registered a decrease in sales lower than the drop in automobile production. At constant reporting entity and exchange rates, sales were down by 33%.

The first quarter’s gross margin was 185 million euros, or 11.4% of sales, down by 4.6 points versus the same period in 2008.

The drop in sales led to a decrease in the operating margin which for the first quarter 2009 stood at -66 million euros (before other income and expenses). In the fourth quarter of 2008, Valeo launched a cost reduction program (including the global headcount adaptation plan for 5,000 permanent employees) the aim of which is to preserve the Group’s competitiveness. At 31 March 2009, 3,230 departures had been registered worldwide. The savings achieved in the first quarter amounted to 183 million euros.

Net income attributable to the company’s shareholders for the period showed a loss of 159 million euros versus a profit of 43 million euros in the first quarter 2008. This loss takes into account the impact of other income and expenses (including inefficient exchange rate and raw material hedges for 13.5 million euros) as well as a 35 million euro loss corresponding to restructuring and asset depreciation announced by the Japanese associate company Ichikoh, in which Valeo has a 31.6% shareholding.

The Group consumed a free cash flow of 116 million euros in the first quarter 2009, resulting from the payment of investments initiated in the second half of 2008, the operating loss and the financing of restructuring. Working capital requirements provided a slightly positive contribution. Efficient management reduced inventory by 75 million euros, enabling an adjustment of working capital requirements to the level of activity.

Net financial debt totaled 933 million euros. The net financial debt to equity ratio is 80% (excluding minority interests). At 31 March 2009, none of Valeo’s 1.2 billion euros of confirmed credit lines had been drawn upon. The Group’s liquidity therefore remains intact. For 541 million euros of these credit lines, Valeo has reached an agreement to substitute a covenant based on the net financial debt to EBITDA (before other income and expenses) ratio for the one based on the net financial debt to equity ratio.

[pier_pat]

grazie! e bollino verde!

Originalmente inviato da luke75

ciao
sotto trovi i dati di Valeo del primo trimestre pubblicati giusti ieri..

In million euros

(unaudited)
1 January - 31 March Q4
2009 2008 change 2008
Sales2 1,624 2,437 -33.4%
Gross margin 185 391 -52.7%
% of sales 11.4% 16.0% -4.6pts 12.1%
Operating margin3 -66 90 na
% of sales -4.1% 3.7% na
Operating income -83 86 na
% of sales -5.1% 3.5% na -
Net income attributable to company shareholders -159 43 na
PERDITA DEL PRIMO TRIMESTRE 159 MLN EURO

1 Net cash provided by operating activities less net tangible and intangible investment flows less net interest paid
2 As of 1 January 2009, the presentation of Group results has been modified, with other operating revenues being reclassified mainly as research and development expenses. For the first quarter 2008, operating revenues totaled 35 million euros, of which 2 million euros were reclassified as sales.
3 Operating income less other income and expenses


First quarter 2009 results

The collapse of global automobile production which began in the fourth quarter of 2008 (-21%) accelerated significantly in the first quarter of 2009 (-38%). Since the month of March, there has been a slight improvement in some key markets in Europe, thanks to vehicle scrapping programs (Germany, France, Italy), and in Brazil, as well as a noticeable turnaround in China. In each of the world’s major markets, Valeo registered a decrease in sales lower than the drop in automobile production. At constant reporting entity and exchange rates, sales were down by 33%.

The first quarter’s gross margin was 185 million euros, or 11.4% of sales, down by 4.6 points versus the same period in 2008.

The drop in sales led to a decrease in the operating margin which for the first quarter 2009 stood at -66 million euros (before other income and expenses). In the fourth quarter of 2008, Valeo launched a cost reduction program (including the global headcount adaptation plan for 5,000 permanent employees) the aim of which is to preserve the Group’s competitiveness. At 31 March 2009, 3,230 departures had been registered worldwide. The savings achieved in the first quarter amounted to 183 million euros.

Net income attributable to the company’s shareholders for the period showed a loss of 159 million euros versus a profit of 43 million euros in the first quarter 2008. This loss takes into account the impact of other income and expenses (including inefficient exchange rate and raw material hedges for 13.5 million euros) as well as a 35 million euro loss corresponding to restructuring and asset depreciation announced by the Japanese associate company Ichikoh, in which Valeo has a 31.6% shareholding.

The Group consumed a free cash flow of 116 million euros in the first quarter 2009, resulting from the payment of investments initiated in the second half of 2008, the operating loss and the financing of restructuring. Working capital requirements provided a slightly positive contribution. Efficient management reduced inventory by 75 million euros, enabling an adjustment of working capital requirements to the level of activity.

Net financial debt totaled 933 million euros. The net financial debt to equity ratio is 80% (excluding minority interests). At 31 March 2009, none of Valeo’s 1.2 billion euros of confirmed credit lines had been drawn upon. The Group’s liquidity therefore remains intact. For 541 million euros of these credit lines, Valeo has reached an agreement to substitute a covenant based on the net financial debt to EBITDA (before other income and expenses) ratio for the one based on the net financial debt to equity ratio.

[VIOLA]

è più interessante Valeo 3,75% 2013 fr0010206334 o la GIE PSA 2011 ????

[pier_pat]

Originalmente inviato da VIOLA

è più interessante Valeo 3,75% 2013 fr0010206334 o la GIE PSA 2011 ????

è la domanda che mi sono posto anch'io!!! io sono dentro a GIE PSA 2011 con PMC a 96 (e anche sulla 2033 a 54) e mi stavo domandando se vendere in gain la 2011 per andare su valeo. quest'ultima al momento rende di più, però è più lunga e con cedola inferiore, alla fine ho pensato con potenziale upside inferiore, e maggiori rischi e quindi me ne sono rimasto sulla GIE PSA 2011. ho sbagliato? tu che ne pensi?

[VIOLA]

Originalmente inviato da VIOLA

è più interessante Valeo 3,75% 2013 fr0010206334 o la GIE PSA 2011 ????

Ho controllato, ai prezzi attuali è più interessante la FR0010206334 Valeo 2013

[swimm]

Buon giorno, qualche esperto, Viola, i98Mark, saprebbe darmi notizie su Valeo?

[Il roccolaio]

Sarei interessato anch'io all'acquisto di Valeo, che ad oggi rende un buon 6% netto,ma la cosa mi puzza di bruciato
Qualcuno ha informazioni più dettagliate?