April 26, 2024 08:53 GMT
Valeo (Baa3/BB+): 1Q Sales
CONSUMER CYCLICALS
• Revenue came in just shy of consensus.
• 2024 and 2025 guidance and objectives reaffirmed with 2025 sales objectives above analyst consensus. 2024 operating margin guidance is also above consensus.
• Cost reduction measures are on track importantly for margin targets. We may see analyst upgrades on the back of this.
• Valeo is targeting 1x leverage in 2025, was at 1.5x at FY23. Rating outlooks are negative, if objectives remain on track we should see some positive ratings momentum.
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