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    UG   FR0000121501

PEUGEOT SA

(UG)
  Report
End-of-day quote. End-of-day quote Euronext Paris - 01/15
21.85 EUR   -4.21%
01/21STELLANTIS N : Announces 2022 Corporate Calendar - Form 6-K
PU
01/21STELLANTIS N : Stellantis Announces 2022 Corporate Calendar
PU
01/21Stellantis Announces 2022 Corporate Calendar
GL
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Volkswagen cuts dividend as profits evaporate in pandemic sales slump

07/30/2020 | 03:24am EST
Volkswagen Touareg is seen in a showroom of a Volkswagen car dealer in Brussels

Volkswagen reported a second-quarter operating loss on Thursday as vehicle deliveries dropped by almost a third due to the COVID-19 pandemic, forcing the German carmaker to cut its dividend despite a gradual rebound in demand.

The multi-brand car and truck maker predicted a significant decline in full-year sales, even though it said it was seeing a gradual recovery globally as lockdowns eased.

The company said its 2020 operating profit, before and including special items, would be severely down on the year before, albeit in positive territory.

The company posted an adjusted operating loss of 1.7 billion euros ($2 billion) in the April to June period, down from a 5.1 billion euro adjusted operating profit in the year-earlier period.

Juergen Pieper, automotive analyst at Metzler Bank said the results were below expectations.

"Revenue and operating profit are disappointing, so is the performance of VW and Audi. The outlook for the year is however encouraging, given the gradual sales recovery," said Pieper, who retains a "buy" rating on Volkswagen.

Volkswagen cut its dividend proposal for 2019 to 4.80 euros per ordinary share and 4.86 euros per preferred share from a previously targeted 6.50 euros per ordinary share and 6.56 euros per preferred share.

Its shares were down 5.1% at 130.58 euros a share, underperforming Germany's blue-chip DAX index which was down 1.8%.

BENTLEY, BUGATTI

Volkswagen, like most of its peers, has been bit hard by a drop in demand caused by the pandemic, which has led to restrictions on movement, economic crises and swathes of job losses globally.

One earnings outlier, however, has been French rival PSA Group which delivered a second-quarter profit on Wednesday and reiterated its goal of achieving margins of over 4.5% in its automotive unit this year, even though these were down to 3.7% in the first half.

PSA has been more aggressive about restructuring its operations, and pared down the variety of vehicles it offers and withdrawn from some markets where it does not command a significant market share even before the pandemic.

Volkswagen said the adjusted operating return on sales in its automotive division fell to minus 9.1%, down from 8% in the year-earlier period, weighed down by charges to cover potential diesel risks.

The group is reviewing its corporate structure but there are currently no new plans to explore divestments or listings, according to Chief Financial Officer Frank Witter, who said that all 12 brands, which include Bentley, Bugatti, Lamborghini, Porsche and Audi, are still core to the business.

By Edward Taylor


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DAX -1.94% 15603.88 Delayed Quote.-1.77%
PEUGEOT SA -4.21% 21.85 End-of-day quote.-2.32%
PORSCHE AUTOMOBIL HOLDING SE -3.13% 85.28 Delayed Quote.2.21%
VOLKSWAGEN AG -1.63% 187.62 Delayed Quote.5.71%
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Analyst Recommendations on PEUGEOT SA
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Financials
Sales 2021 148 B 168 B 168 B
Net income 2021 10 593 M 12 013 M 12 013 M
Net cash 2021 13 958 M 15 828 M 15 828 M
P/E ratio 2021 5,25x
Yield 2021 5,47%
Capitalization 56 792 M 64 412 M 64 402 M
EV / Sales 2021 0,29x
EV / Sales 2022 0,23x
Nbr of Employees 204 000
Free-Float 64,7%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Last Close Price 18,13 €
Average target price 23,24 €
Spread / Average Target 28,2%
EPS Revisions
Managers and Directors
Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Ned Curic Chief Technology Officer
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