OPmobility (AO) | Buy | H1 2026 earnings' first take: Guide confirmed, numbers largely in line

研报英文原文证据摘录

OPmobility (AO) | Buy | H1 2026 earnings' first take: Guide confirmed, numbers largely in line

OPmobility Buy | Target Price: EUR19.00

Company description Management

Plastic Omnium SA provides solutions tailored to meet the needs of global Laurent Burelle, Chairman

carmakers. The company's products include intelligent exterior systems, Felicie Burelle, CEO

customized complex modules, lighting systems, clean energy systems and Olivier Dabi, CFO

electrification solutions for all mobility players. Plastic Omnium focuses on Key shareholders

innovations to reduce car weight and emissions. Free float 39.00%

Burelle S.A. 60.00%

Investment case Valuation methodology

OPM's management team's focus remains the same with FCF We use a multi-criteria valuation, focusing on P/E, DCF, and EV

generation and balance sheet control as the main metrics. metrics. At our TP, OPM would trade at 13.5x 2026E and 7.5x

Permanent optimisation of the industrial network, renewed EV/EBIT while still offering double-digit FCF yield. Our DCF

efforts on the cost base, and a sustained outperformance in N implies a higher fair value (10% WACC, 2.5% g).

America should allow OPM's historical businesses to sustain an Solid track record and focus on balance sheet management.

underlying margin above the sector average in the medium term Sustained outperformance should also help, along with a fresh

after the digestion of M&A. OPM Modules should dilute group demonstration of resilience in the downturn.

margins with a higher top-line outperformance over 2026 again, Risks to our rating

but support a solid post-tax ROCE. Global macro scenario largely driving global light vehicle

OPM should continue to benefit from lightweighting trends demand scenario and impact of coronavirus by region, semi