Plastic Omnium carbide in the bag after its six-monthly publication

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Plastic Omnium takes control of the SBF 120 after having demonstrated its ability to withstand difficult market conditions (Credit: Plastic Omnium)

Omnium plastic caracole at the head of the SBF 120 after having revealed the results of the first half, less degraded than expected. In the process, the Kepler Chevreux analysis office went from maintaining the purchase on the title of the automotive supplier with a target price of 26 euros. At mid-session, the stock jumped 12.75% to € 23.29.

In a car market that is expected to contract 4.5% in 2019 according to IHS, the accounts of the equipment manufacturer Plastic Omnium were resistant in the first half of the year.

Thanks in particular to the integration of HBPO, the world leader in bodywork modules, the turnover of the automotive equipment manufacturer increased by 20.7% in the first half to 4.6 billion euros. The net profit decreased by 33% to 155 million euros, while the operating margin was 281 million, equal to 6.6% of consolidated sales. Good surprise on the Ebitda side, which increased by 12% to 511 million and should be higher than in 2018.

If the management expects a decline in operating income for the whole of 2019, the equipment supplier declares that it still wants to outperform its market by at least 5 percentage points and that the generation of free cash flows should reach 200 million euros.

Substantial performance

Plastic The outperformance of Omnium's automotive market was confirmed in the first half of the year in the main geographical areas, in particular China (+13.5 points) and North America (+10.2 points).

On a like-for-like basis, sales were stable (+ 0.2%), outperforming global automotive production by 7.1 percentage points, down 6.9% in the first half of 2019, after -0.4% in H2 2018. Explains the group in its statement.

In the current context, the group confirms throughout 2019, the outperformance of its activities by at least 5 points in relation to world automotive production and which would strengthen its savings measures.

The strength of the market greetings group

The market applauds the group's ability to withstand the harsh market conditions. The stock, which sold 20% in the last three months, benefits from buy-outs and received 12.75% at € 23.35.

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