LONDON - European car company stocks declined in the second quarter, but there was some relief for long-suffering supplier companies and several retailers.
Publicly-traded component makers returned a combined 4.6 percent to investors from April through June, according to the latest Automotive News Europe/PricewaterhouseCoopers Total Shareholder Return Index.
That was slightly better than most European stock market indices and well ahead of vehicle makers and retailers.
The index for six European car manufacturers was down 3.2 percent in the quarter and 17 retail companies returned a minus 5.66 to shareholders. But 13 of the retailers had a positive payback.
Automotive stocks have lagged well behind most of Europe's benchmarks in recent years. But in the second quarter they were generally in line with the German DAX (down 7 percent), the CAC40 (+4.3 percent) and the FTSE 100 (+2.8 percent).
Total shareholder return shows how the value of an investment changes by incorporating share price appreciation and reinvestment of dividends.
Returns were also measured over one- and three-year periods. Among carmakers, PSA/Peugeot-Citroen returned the most to shareholders in the 12 months ending June 30.
Porsche was No. 1 over the past three years. But the shareholder returns of both companies declined in the second quarter.
Renault was the best performer among automakers in the April to June period, with a growth in value of 5.8 percent.
'Renault had a particularly strong first-half sales performance with a record 1.24 million vehicles sold, up 6 percent on the previous year,' said Steve Utting, European automotive leader in corporate finance and investment banking services at PricewaterhouseCoopers.
The carmakers' index in the 12 months that ended June 30 was plus 2.3 percent. The same group of six returned a combined 24.4 percent over the past three years.
Suppliers' return was minus 7.9 percent for the year, but the supplier index gained 17.5 percent over the past three years. Retailer stocks lost 18.98 percent in value in the last year and declined 16.30 percent over the past three years.
Germany's Veritas was first in the second quarter among suppliers. Veritas also gave the best return over the past three years. Magneti Marelli moved to first place among suppliers in the 12-month period that ended June 30.
Among retailers, UK dealer group DC Cook was best in the second quarter. Dixon Motors of the UK had the best returns in the past 12 months. Dutch retailer Athlon Group was first in the three-year category.