Blog: Some cheer for Turin
Dave Leggett | 22 October 2003
And bottom of the shareholder value list in the third quarter? This may surprise some of you, but the CEO has been warning that the Group's 2003 financial targets will be difficult to meet (stressing that they are targets not forecasts). Yes it's that former darling of the markets, PSA (-13.7% Q3, but still 2.7% full year). That said, PSA wins over the three year period with a hefty 20.5% increase to shareholder value.
Market sentiment can be a cruel and fickle mistress of course, as some of those figures illustrate. If Fiat Auto hits problems later this year, the Fiat share price will dive. The new models need to be doing well in the new regs figures - fourth quarter this year is important. Any backpedalling on the management's commitment to achieving operating break-even in 2004 would cause confidence to rapidly dissipate.
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