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CONSUMER CYCLICALS: Valeo (FRFP Baa3[N]/BB+/NR): 1H24 Results

CONSUMER CYCLICALS

Credit neutral, investors will be relieved to see FCF guidance maintained with difficulties in the sector.

  • Revenue was in-line with consensus. +1% LfL.
  • EBITDA was also in-line.
  • FCF improved to €121mn from -€156mn due to WC reversal and lower restructuring costs.
  • Leverage is steady at 1.5x.
  • FY guidance is adjusted down to reflect weaker market conditions. Revenue and EBITDA guidance is lowered 4% from mid-point. FCF guidance is maintained.
  • Webcast replay https://edge.media-server.com/mmc/p/nnmzezpy/

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