credo che non piacciano i futuri progetti: Da che si erano detti disponibili a cedere asset, adesso il nuovo ceo ha revocato il piano di dismissioni e valuta possibili acquisizioni...
Essendo il loro un comparto ancora esposto a forti rischi, visto che per ora è stato sostenuto dagli incentivi e dagli aiuti di stato (vedi i finanziamenti in francia a psa e renault), credo che questa cosa al mercato non piaccia, sebbene dalle dichiarazioni mi sembra di poter dire che il ceo non pensi a pagamenti in cash, o almeno non del tutto in cash...
Quel bond ha chiuso ieri su icma a 91,49 - 91,94, last 91,72, con un rendimento lordo a scadenza nell'ordine del 6,3%, cosa più cosa meno...
Le ultime news, non freschissime, ma per ora non pare ci sia altro... Magari qualcosa prenderei adesso, ma mi terrei una cartuccia da parte se continuasse a scendere...
- september 16, 2009, 5:03 a.m. Et
update: Motor show: Valeo scraps disposals, sees better 4q
(adds detail and comment.)
by david pearson
of dow jones newswires
frankfurt (dow jones)--valeo sa (fr.fr) said wednesday it had scrapped its objective for significant asset disposals and that the outlook for the french automotive supplier in the fourth quarter was a lot better than the company had anticipated.
The third quarter so far was in line with what had been expected, or maybe a bit better, chief executive jacques aschenbroich told reporters at the frankfurt motor show. The fourth quarter would be substantially better, he added.
"we will improve our financial situation and our results in the coming quarters," he said.
Global automobile production is being stimulated by scrapping incentives in some countries, while car makers have completed massive inventory reductions.
The market in 2010 will be dented by the exhaustion of scrapping incentives, he said, but it was difficult to quantify the impact at this stage. He said that auto sales were recovering strongly in asian countries. "the problem in 2010 will be europe and the u.s.," he said.
Aschenbroich took over at valeo in march. His predecessor thierry morin had set the company an objective of selling non-core assets worth eur2 billion by the end of this year. Only half of that figure has been realised to date.
Valeo's core shareholder, private-equity fund pardus capital, had been pushing valeo in 2008 to streamline its businesses and focus on the most profitable ones.
"asset sales are a consequence of a strategy and not a strategy in itself," aschenbroich said.
He acknowledged that there could be some sales of very small businesses that don't coincide with the company's strategy.
He said valeo would continue to be on the lookout for acquisitions, at a time when many suppliers were going belly-up or were feeling extreme financial pain. Valeo incurred a loss of eur213 million in the first half of this year.
Aschenbroich said valeo's balance sheet was such that it could proceed with acquisitions to reinforce its existing technologies, noting that the company had a strong enough balance sheet to finance them. "today, no one pays cash for major acquisitions," he said.
Valeo is a major supplier to u.s. Automakers, and aschenbroich said he thinks that market has reached bottom, although it will remain "difficult" in coming years.
At 0901 gmt, valeo's shares in paris traded up eur0.69, or 3.6%, at eur19.65.
qui un chip non nascondo di stare valutandolo anch'io... lo vorrei più basso, ma poi magari resto fregato... 
