Valeo post 1H26: An antidote to industry gloom?

研报英文原文证据摘录

Valeo post 1H26: An antidote to industry gloom?

23 July 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Valeo SA Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

FR.FP 15.00 EUR (13.00 OLD)

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

Valeo’s positive tone during its 1H26 conference call stands in stark contrast to the tsunami

Close Date 22 Jul 2026

of bleak assessments from European OEMs that continue to dominate the conversation on

FR.FP Close Price (EUR) 13.31

the automotive sector. These have been bookmarked by BMW’s sharp cut to its automotive

Price Target (EUR) 15.00

EBIT guidance corridor on 16 June and the Volkswagen board’s attempts earlier this

Upside/(Downside) 13%

month to get an agreement on a plan to close between four and six of its assembly plants

52-Week Range 17.33/8.66

in Europe. Plummeting car sales in China (overall registrations down 19% yoy in 1H26) and

EDME 1,605.29

the intensification of the brutal price war in that market are causing massive pain for legacy

FYE Dec

and domestic Chinese OEMs alike and intensifying the export ambitions of Chinese OEMs in

Div Yield 3.3%

Europe and other key markets. Valeo’s confidence in its ability to grow its sales with Chinese

Market Cap (EUR) (M) 3,269

automakers, and for this already to be a lever for growth in 2H26, provides an interesting

EV (EUR) (M) 8,099

counter narrative.

Performance YTD 1M 6M 12M

Beyond automotive Valeo is now talking more openly about leveraging existing Absolute (%) 14.4 (4.7) 8.3 35.4