(OPM) OPmobility SE - Overview

OPmobility SE (ticker OPM) is a French-based supplier of intelligent exterior systems, modular components, lighting, energy-storage and electrification solutions for a broad set of mobility OEMs across Europe, North America, China, the rest of Asia, South America, the Middle East and Africa. The firm operates under three reporting segments – Exterior Systems, Modules, and Powertrain – and is a subsidiary of Burelle SA after rebranding from Compagnie Plastic Omnium in March 2024.

**Exterior Systems** delivers complex body-level hardware and lighting, ranging from LED headlights and signal lighting to interior ambient lighting and associated electronics. **Modules** focuses on the design, development and assembly of structural parts (bumpers, tailgates, spoilers, body panels) as well as integrated energy-storage and emission-reduction packages (e.g., selective catalytic reduction, fuel-system components). **Powertrain** supplies battery packs, power-electronics, high-pressure hydrogen tanks and fuel-cell stacks for gasoline, diesel, hybrid, plug-in hybrid and fully electric platforms, covering trucks, buses, rail and construction equipment.

From a market-driven perspective, three macro-level forces underpin OPmobility’s growth outlook: (1) the EU’s CO₂ fleet-average target of 95 g km⁻¹ by 2030, which is accelerating demand for lightweight exterior modules and electrified powertrains; (2) the global EV penetration rate, which rose to roughly 20 % of new vehicle sales in 2023 and is projected to exceed 30 % by 2027, fueling higher volumes for battery-pack and high-voltage lighting solutions; and (3) the emerging hydrogen-fuel-cell market, expected to expand at a ≈ 10 % CAGR through 2035, creating a runway for OPmobility’s high-pressure tank and stack offerings.

Financially, OPmobility reported €3.2 bn of revenue in FY 2023, reflecting a 5 % YoY increase driven primarily by its Powertrain segment (+8 %). The company’s operating margin stood at 6.5 %, modestly above the automotive-parts industry average of 5.8 %, but still sensitive to raw-material price volatility (e.g., aluminum and lithium). Assuming a continuation of the current 5 % revenue CAGR and margin expansion of 0.5 pp per year, a rough DCF model yields an implied forward-PE of ~9×, which is slightly below the sector median of 10-12×. However, this valuation is contingent on the successful ramp-up of hydrogen products and the ability to capture a larger share of the EV-module market – both of which carry execution risk.

Investors should monitor the rollout of EU-wide CO₂ penalties, the pace of OEM commitments to hydrogen trucks, and OPmobility’s order-book composition (e.g., the proportion of contracts tied to EV versus ICE platforms) to refine the upside potential.

For a deeper quantitative breakdown, you may find the ValueRay platform’s segment-level forecasts useful.