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CONSUMER CYCLICALS: Forvia (EOFP Ba2/BB/BB+): 1H24 Results

CONSUMER CYCLICALS

Credit neutral with FY leverage target maintained. Poor performance from Stellantis flagged, with the OEM due to report tomorrow.

  • Revenue and organic growth in-line, flat YoY.
  • Adj. EBITDA was just shy of expectations, +2% YoY.
  • Cash flow improved from €173mn to €201mn YoY on better WC effects and lower capex.
  • Net debt slightly lower, with leverage at 2x. FY guidance unchanged at <= 1.9x.
  • Sees sales and operating margin at the lower end of guidance due to weaker global vehicle production. These are in-line with consensus estimates.
  • Webcast 09.00 BST https://www.sideup.fr/webcast-forvia-2024-hy-results/signin/en

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