I would imagine most car company boards could do without the attention of the world’s automotive analysts. The latter spend their (long) working days combing over company accounts and offering advice to the people who buy and sell shares.

Brit Max Warburton, senior analyst at Sandford C Bernstein, has often been rated as the number one auto analyst in Europe and stands out from the investment crowd. And that’s because he’s a bloke who not only knows cars and knows the history of the car industry, but also has a seriously good grasp of engineering and production. But perhaps his unique pitch is an impressive ability to take a ‘helicopter view’ of a company and then offer often punchy advice.

So willing is Warburton to get stuck in where he sees a strategy to criticise, that he’s well known for his face-to-face clashes of opinion with Fiat Chrysler Automobiles boss Sergio Marchionne. Last April the two locked horns in public. Investor relations meetings are usually much more subdued affairs.

Warburton’s latest advice was aimed at a resurgent PSA Peugeot Citroën, in a classic good news/bad news note to investors. However, the bad news was that the bad news was especially bad.

Warburton’s opening assessment of PSA’s recent resurrection was impressive, to say the least: "PSA has stormed back into contention in the last 18 months and is now Europe's most profitable mass-market OEM. We believe profitability can remain solid through 2016 and 2017 and we still believe the stock is undervalued. However, with PSA now back on its feet, the discussion needs to turn to sustainability and long-term strategy."