Release Date: March 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Peugeot Invest (SFFFF, Financial) maintained a stable dividend at EUR3.25 per share despite a significant reduction expected in the upcoming dividend.
- The company improved its financial situation by reducing net debt by EUR300 million, bringing it down to EUR550 million.
- Peugeot Invest (SFFFF) achieved a solid 7% performance in its shareholdings, with private shareholdings leading with a 17% valuation increase.
- The company completed EUR500 million in disposals for the fourth consecutive year, showcasing strong portfolio rotation.
- Peugeot Invest (SFFFF) maintains a strong liquidity position of EUR1 billion, providing flexibility for new investment opportunities.
Negative Points
- Net asset value (NAV) declined by 22% to EUR4.6 billion, primarily due to a 40% drop in Stellantis share price.
- The company's share price experienced a 25% decline, resulting in a 60% discount.
- Stellantis faced a challenging year with a 12% decline in volumes, impacting both margin and cash flow.
- Co-investment performance was disappointing, with some investments sold at a higher valuation than recorded.
- The proposed dividend for 2025 is set at half of the 2024 level, indicating potential future financial constraints.
Q & A Highlights
Q: Mr. Jean-Charles Douin, you stepped into the role of CEO a few months ago. What key initiatives have you implemented so far? How do they align with your strategic vision for Peugeot Invest?
A: Jean-Charles Douin, CEO: My initial focus was on understanding the team, board, and portfolio, and making necessary internal changes. Our strategic priority is to formulate an investment strategy to restore net asset value growth, which will be more focused and proactive. We aim to present this strategy to the board soon.
Q: Peugeot Invest recently acquired a stake in Robertet. How does this investment align with your long-term strategy?
A: Jean-Charles Douin, CEO: Robertet aligns with our strategy as public equity remains a core part of our investment approach. We see strong potential in public equities and aim to have clear value creation plans for each investment. For Robertet, this involves improving financial communication and visibility.
Q: Are you committed to keeping the dividend at least stable next year, even if Stellantis' dividend is lower?
A: Sebastien Coquard, Deputy CEO: Our dividend strategy will depend on the situation next year and Stellantis' dividend decisions. It's too early to make commitments for 2026.
Q: At the last AGM, the question on the Peugeot name license fee was a hot topic. Any update on that?
A: Sebastien Coquard, Deputy CEO: The Peugeot brand is owned by Établissements Peugeot Frères, and a legal licensing fee is required. The fee structure has been adjusted, significantly reducing costs. For 2025, the total fee will be around EUR1 million, more than three times lower than last year.
Q: Do you plan to change the floating shareholding stake of the company, for example, through share buybacks?
A: Jean-Charles Douin, CEO: We are exploring all tools, including share buybacks and dividends. However, share buybacks might reduce free float, which may not be ideal given our discount. Currently, there are no immediate plans for a share buyback.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
