UG.PA - Peugeot S.A.

Paris - Paris Delayed price. Currency in EUR
12.52
+0.71 (+5.97%)
As of 2:41PM CEST. Market open.
Stock chart is not supported by your current browser
Previous close11.81
Open12.69
Bid0.00 x 0
Ask0.00 x 0
Day's range12.40 - 13.27
52-week range8.88 - 27.06
Volume1,854,212
Avg. volume5,014,403
Market cap11.187B
Beta (5Y monthly)N/A
PE ratio (TTM)3.70
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
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  • Nimble Corporate Cash Managers Face a Reckoning
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    Nimble Corporate Cash Managers Face a Reckoning

    (Bloomberg Opinion) --   ↵The coronavirus will leave no industry untouched but the impact is particularly acute for companies that depend on prompt payment from customers to fund their businesses.In sectors such as car making and the travel industry, it’s common for companies to hold little inventory and settle with suppliers long after they’ve received payment from their customers.As a result they often have what’s called negative working capital: Their trade payables exceed the sum of inventories and customer receivables. In other words, they owe more to their suppliers than their customers owe them.When revenues are growing, this is a big advantage. Cash pours into the business which can be used to fund investments.Customer payments and deposits effectively serve as a free form of finance and that float gets bigger as sales expand.It’s certainly a very efficient way to run a business — Amazon.com Inc. excels at it — but negative working capital can make a balance sheet look stronger than it really is. That’s because the effect is reversed when sales suddenly slow down or shrink. Suppliers still need paying but there’s little new customer cash coming in. As a result, cash rushes out the door. This is what threatens to happen now that much of the world is cooped up at home due to coronavirus.“In periods in which our vehicle shipments decline materially we will suffer a significant negative impact on cash flow and liquidity as we continue to pay suppliers for components purchased in a high volume environment during a period in which we receive lower proceeds from vehicle shipment,” Fiat Chrysler Automobiles NV warned in its annual report. A rule of thumb is that French, Italian and U.S. automakers have negative working capital, while their German peers do not. A six-week production hiatus caused by strike action lowered General Motors Co.’s free cash flow by $5.4 billion.Optimizing working capital has been a key focus for carmaker Peugeot SA and boss Carlos Tavares repeated the trick when he acquired Opel/Vauxhall from GM.Like merger partner Fiat, Peugeot has now been forced to shutter its European car plants. If sales slump for a prolonged period, its 17 billion-euro ($19 billion) cash buffer could dwindle.Tour operators are accustomed to large swings in working capital: They typically get paid by customers ahead of the busy summer season and pay their suppliers afterwards.(1) Bank overdrafts can tide them over during the winter period when cash tends to be lower.Still, a sudden slowdown in demand can upset those calculations, as Thomas Cook Group Plc discovered last year. Customers delayed bookings, suppliers tightened credit terms and the U.K. tour operator went bust.Shares in rival TUI AG slumped this week after it suspended the vast majority of its travel, cruise and hotel operations and said it would apply for state-aid guarantees. The company has 1.4 billion euros in cash and available banking facilities but this is far exceeded by a deeply negative working capital position — at the end of December it held about 2.9 billion euros of advance payments from customers.The cash spring, once a big advantage for many firms, could be about to recoil. (1) They are however required to make pre-payments to hotelsTo contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: Chris Hughes at chughes89@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Carmakers shut plants in Europe as coronavirus hobbles supply chains and dents demand
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  • Reuters - UK Focus

    Peugeot's Vauxhall UK car factory cut to four-day week

    Peugeot's British car factory will go down to a four-day working week later this month as the firm finds efficiencies in the face of a weak European car market. The northern English Ellesmere Port site built just under 62,000 Vauxhall/Opel Astra cars last year and workers are awaiting a decision on whether fresh investment will be made to keep the facility open, dependent on the outcome of Brexit. "Our plant in Ellesmere Port will run over four days per week with extended hours each day," the carmaker said in a statement.

  • Peugeot CEO Tavares says China strategy needs rethink
    Reuters

    Peugeot CEO Tavares says China strategy needs rethink

    RUEIL-MALMAISON, France (Reuters) - Peugeot boss Carlos Tavares said on Friday PSA and Fiat Chrysler (FCA) will need to review their strategy in China in order to boost sales after the closing of the merger between the two groups. PSA and FCA are hoping to finalise a $50 billion merger in early 2021 that would create the fourth-biggest car maker in the world. "We are in China to stay, we need to find a formula in order to succeed," Tavares said.

  • Peugeot ready to adjust Huawei partnership if U.S. demands
    Reuters

    Peugeot ready to adjust Huawei partnership if U.S. demands

    Peugeot Chief Executive Carlos Tavares said on Tuesday the French carmaker would adjust its partnership with China's Huawei if authorities in the United States make it a precondition for approving a merger with Fiat Chrysler. Peugeot needs the consent of U.S. authorities to complete a $50 billion merger with Fiat Chrysler at a time when Washington is urging its European allies to exclude Huawei from the continent's telecoms infrastructure.

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  • The Man Who Made a Failing Carmaker Beat Mercedes
    Bloomberg

    The Man Who Made a Failing Carmaker Beat Mercedes

    (Bloomberg Opinion) -- The word that Peugeot SA boss Carlos Tavares comes back to time and again to describe the daunting challenges facing the auto industry is a deliberately frightening one. Carmakers face a “Darwinian” period, he reminded investors on Wednesday, implying that some of the French group’s less robust peers won’t survive the epochal shift from combustion to electric vehicles.That battle for survival has just been made even more difficult by the spread of coronavirus, which threatens to shutter plants and sap demand for new vehicles across the industry. The shares of auto companies —  even very profitable ones like Peugeot — have been hammered this week. But if anyone can steer a safe path across this vertiginous chasm, surely Tavares can.For various reasons the big European carmakers have all changed their CEOs recently, but Peugeot has clung to its leader since 2014, and he’ll be in the driving seat when the company merges with Fiat Chrysler Automobiles NV.  The strong full-year results that Tavares unveiled on Wednesday show why his services are in such demand; the contrast with struggling French rival Renault SA is telling. Peugeot’s car operations achieved an 8.5% adjusted operating margin in 2019, whereas Renault managed just 2.6%.(1)While Renault’s net cash is dwindling, forcing it to slash its dividend, Peugeot’s has swelled to more than 10 billion euros ($10.9 billion), allowing it to pay shareholders more.The cost-conscious Tavares has made a virtue of doing more with less and he’s been willing to make unpopular decisions to turn around under-performing businesses. Under General Motors Co.’s ownership, the European carmaker Opel/Vauxhall consistently lost money, but having joined the Peugeot stable it now boasts a 6.5% adjusted operating margin. That’s better than Mercedes-Benz.Wages costs as a percentage of sales have improved — a big achievement considering the workforce is heavily unionized — and Tavares has been ruthless about unlocking cash from inventories and invoices. Reassuringly, he thinks Peugeot could still break even if revenues fell by half.He’s achieved this without neglecting the urgent task of cutting vehicle emissions. Thanks to new electrified products, he’s confident Peugeot will meet the European Union’s tough pollution targets this year and thus avoid regulatory fines.Peugeot isn’t perfect. The company is struggling in inflation-hit Argentina and its performance in China has been poor. But its negligible China market share is an advantage right now. The company has less to lose from coronavirus shockwaves than many peers.What Peugeot lacks in economies of scale — its 3.5 million yearly car sales are one-third of what Volkswagen sells — it makes up for by being more agile. It’s almost a pity that Tavares is about to complicate the “small is beautiful” story by merging with Fiat. Peugeot’s shares have declined by almost 30% since the deal terms (highly favorable to Fiat and its Agnelli family owners) were announced in October.  In fairness, Fiat is also performing well. Together, the two companies generated about 5 billion euros in free cash flow last year and the tie-up should bring substantial cost savings. Yet Peugeot’s shareholders aren’t willing to credit those benefits just yet. Antitrust official might raise objections and history shows there’s plenty else that can go wrong in complicated cross-border mergers.A generation of celebrated auto executives, such as Daimler’s Dieter Zetsche and Renault’s Carlos Ghosn, have departed the stage just as conditions became difficult. (Fiat’s Sergio Marchionne tragically died before he could complete the job). Tavares, who’s 61, isn’t the retiring type. He still has much to prove. (1) Peugeot's profit margins are adjusted for large restructuring costs.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Profit rise lifts Peugeot shares ahead of Fiat merger
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    Profit rise lifts Peugeot shares ahead of Fiat merger

    Peugeot maker PSA Group said on Wednesday profitability reached a record high in 2019, results that contrasted with those of many rivals and boosted the group's shares as it beds down a merger with Italy's Fiat Chrysler. The French firm, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, helping to lift revenues. The rating agency maintained its investment grade view on the company, citing healthy liquidity, and said the merger with Fiat Chrysler (FCA) was positive.

  • If You Had Bought Peugeot (EPA:UG) Shares Five Years Ago You'd Have Made 40%
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  • Bloomberg

    Christine Lagarde's $186 Billion Coronavirus Fear

    (Bloomberg Opinion) -- An infection typically hits the vulnerable hardest — and in the new coronavirus outbreak this might apply economically too. For all the geographical distance between Europe and China, the euro zone has much to fear from its spread.The disease is another challenge to the export-driven model of the monetary union, which was already struggling with the global lurch towards protectionism. It could be the first big test for Christine Lagarde, the European Central Bank’s new president, who has been a tad too optimistic about the euro area’s prospects.Coronavirus will affect Europe’s economy in three ways. First, there’s demand: China is the third-largest importer of goods and services from the euro zone, after the U.S. and the U.K. The bloc’s exports to China nearly trebled between 2007 and 2018, to 170.3 billion euros ($185.8 billion) from 60.5 billion. Over the same period, sales to the U.S. increased by about 63%. These figures matter because Europe relies extensively on global demand to drive its prosperity, as shown by its large external surplus. A slowdown in China sales will cause trouble in a number of industries such as luxury.Then there’s supply. Europe's manufacturing supply chains are less exposed to China than is the case for other regions of the world, according to a report by Oxford Economics, a consultancy. However, it notes that some industries might be more exposed: The Wuhan area, where the virus originated, is a major automobile hub and home to production sites of carmakers including Peugeot SA and Renault SA.Finally, there’s the effect of the outbreak on confidence. Europe’s financial markets have been resilient so far: The Stoxx Europe 600 index is still marginally up since the start of the year. It’s possible some companies will benefit from the disruptions, as producers have to look for alternative suppliers. However, coronavirus could weigh on investment decisions in the euro zone. An investment slowdown would create long-term economic damage, even if supply and demand in China rebounded quickly.These factors matter for every economy in the world, not just the euro zone. But the monetary union’s economy is already very weak. Growth slowed to just 0.1% in the last three months of 2019, the worst quarterly performance since 2013. From Germany to Italy, the industrial sector had a terrible end to the year. Unemployment continues to fall and wage growth remains solid, which should support internal demand. However, the euro area has been exposed to a succession of external shocks. The longer the coronavirus episode lasts, the higher the risk it spills into the domestic economy.The ECB is yet to react, and is still in wait-and-see mode after cutting rates and relaunching quantitative easing in September. Lagarde had even dropped some hints of optimism over inflation, which has stubbornly stayed well below the central bank's target of close to but below 2%.The waiting game may not last for long. As well as holding back growth, the virus may also force inflation down too. Oil prices have plummeted because of the slump in demand from China. The OPEC+ group of oil-producing countries is struggling to agree a new cut in production to help support prices.The euro zone mostly imports crude, so in theory any fall in its price should be good for its economy: Consumers would have more cash to spend on other goods, and companies would see their energy bills fall. In any case, central banks usually prefer to look through changes in energy prices and concentrate on “core” inflation.Yet the memories of 2014-2015 linger in the mind of policymakers. A sharp fall in oil prices at the time contributed to a bout of deflation, which threatened to turn the euro zone into Japan. In response, the ECB launched — for the first time — a program of massive and unconditional bond purchases.Unfortunately, this time around the ECB has already used several of its weapons to combat deflation. The balance sheet of the Eurosystem — made up of the ECB and national central banks — has hit nearly 4.7 trillion euros. The ECB has pushed its main refinancing rate to zero, and its deposit rate to -0.5%. “This low interest rate and low inflation environment has significantly reduced the scope for the ECB and other central banks worldwide to ease monetary policy,” Lagarde said last week.This slightly defeatist language contrasts with Lagarde's more pugnacious predecessor, Mario Draghi, who left the ECB with the words “never give up.” It’s also as worry that the euro zone governments with low debts, including Germany, seem to feel no pressure to relax fiscal policy sufficiently to combat the slowdown.It’s still possible that the economic threat from the coronavirus will fade. A strong policy response in China could create additional demand, which would help foreign companies. But the euro zone’s poor state doesn’t leave room for error. After a quiet start for Lagarde, the difficult decisions could be fast-approaching.To contact the author of this story: Ferdinando Giugliano at fgiugliano@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Fiat Chrysler may shut European factory over coronavirus
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  • Reuters - UK Focus

    WRAPUP 8-China virus hits cruise ships, carmakers, airlines and Airbus

    GENEVA/BEIJING, Feb 5 (Reuters) - Thousands of passengers and crew on two cruise ships in Asian waters were placed in quarantine for China's coronavirus on Wednesday as airlines, carmakers and other global companies counted the cost of the fast-spreading outbreak. A multinational WHO-led team would go to China "very soon", it added. China said another 65 people had died in the previous 24 hours, in the highest daily total yet, taking the overall toll on the mainland to 490, most in and around the locked-down central city of Wuhan, where the new virus emerged late last year.

  • Reuters - UK Focus

    LIVE MARKETS-Coronavirus: Who's who in Wuhan

    * Futures point to lower Wall Street open Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. As the number of cases from new coronavirus outbreak exceeds 8,100 globally, surpassing the 2002/2003 SARS outbreak, street analysts are looking into the ripple effects from the outbreak and the lockdown in Wuhan. The ongoing lockdown of Wuhan -- home to more than 11 million people -- is likely to have a global impact on supply chain, Credit Suisse says, given its importance as Central China's main industrial and commercial center and an important transport hub.

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