Forvia CFO Call: Reiterates Guidance for the Year

研报英文原文证据摘录

Forvia CFO Call: Reiterates Guidance for the Year

J P M O R G A N Europe Equity Research

23 June 2026

Forvia Overweight

FRVIA.PA, FRVIA FP

CFO Call: Reiterates Guidance for the Year Price (23 Jun 26):€9.50

Price Target (Jun-27):€39.00

We had the opportunity to host a conference call with the CFO of Forvia, Olivier European Autos & Auto Parts

ACDurand, and IR Sebastien Leroy. The message was clear: despite the uncertainties Jose M Asumendi

in the market, the firm is on track to deliver the guidance across all metrics (44-20) 7742-5315

including revenue, margin and cash flow. We understand that despite the jose.m.asumendi@jpmorgan.com

uncertainties in the Chinese market, the prudent budgeting done at the beginning J.P. Morgan Securities plc

of the year where the firm was already expecting a challenging market as well as Piyush Singla

declining volumes from one of its biggest customers has probably allowed the firm (91-22) 6157-3324

piyush.singla@jpmorgan.com

to maintain margins in China yoy flat in H1. We'll see this during the first half J.P. Morgan India Private Limited

results and that’s our estimate. We believe sequentially the firm will benefit from

stronger H2 volumes in China related to the product launches of BYD, which could Specialist Sales contact details:

come on top of a sequential market rebound as incentives have recently been Sam Edmunds - Specialist Sales -

implemented in rural areas (see our latest note last Monday on this topic). The firm European Industrials

will also improve earnings in Europe, in our view, as the market has been relatively (44-20) 7742-8733

stronger yoy than initial market expectations and the firm will be benefiting from sam.edmunds@jpmorgan.com

the cost reduction measures taken in the past three years.