Knorr-Bremse

Knorr Bremse AG is a Germany-based company that manufactures braking systems and other subsystems for rail and commercial vehicles. It operates through two segments: Rail Vehicle Systems and Commercial Vehicle Systems. The Rail Vehicle Systems segment equips mass transit vehicles, such as metro cars, and mainline freight and passenger trains with brake systems, as well as entrance systems, heating, ventilation and air conditioning (HVAC) systems, auxiliary power supply, driver assistance systems, electrical traction equipment and control technology, among others. The Commercial Vehicle Systems segment offers products for trucks, buses, trailers and agricultural machinery. Its product portfolio includes brake systems and vehicle dynamics solutions, such as driver assistance, energy supply and distribution systems, such as air compressors, and fuel efficiency products and transmission subsystems, such as vibration dampers, among others. The Company also offers aftermarket services.
  • TickerKBX
  • ISINDE000KBX1006
  • SectorIndustrial Engineering
  • CountryGermany

Analysts

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 02/12/2020

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2020

The market, whilst not totally complacent about the coronavirus epidemic, seems to liken the virus to the SARS epidemic in 2003. It is therefore betting on a very rapid exit from the crisis whilst ignoring the substantial increase in China's weight in the value chains, the macro consequences of which may be temporary but significant. In addition, the other risks (notably political) have not disappeared, even though our upside for the full year is almost used up (Stoxx 600 Dec. 20: 429...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/02/2020

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/02/2020

Le marché, sans être totalement complaisant vis-à-vis de l’épidémie de coronavirus, semble apparenter cette dernière à celle de SRAS en 2003. Il fait donc le pari d’une sortie de crise très rapide en ignorant l’accroissement considérable de poids de la Chine dans les chaines de valeur, les conséquences macro seront peut-être provisoires mais sensibles. Ajoutons à cela que les autres risques (notamment politiques) n’ont pas disparu alors que notre potentiel annuel est quasi consommé (S...

Alfred Glaser ...
  • Delphine Brault

ODDO : Ascensoristes : Otis dévoile ses perspectives en amont du spin-off

>Marge d’EBIT : 21% pour les services, 7% pour les nouveaux équipements - United Technologies a tenu hier un CMD sur sa division OTIS qui doit faire l’objet d’un spin-off au 2nd semestre 2020. Avant même de parler des perspectives, le groupe a fourni des détails (déjà dévoilés dans le 10K la semaine dernière) sur son activité 2019 et notamment les marges par segment. Otis est le #1 mondial des ascensoristes, devant Schindler, KONE et Thyssenkrupp Elevator Te...

Alfred Glaser ...
  • Delphine Brault

ODDO : Ascensoristes : Otis dévoile ses perspectives en amont du spin-off

>Marge d’EBIT : 21% pour les services, 7% pour les nouveaux équipements - United Technologies a tenu hier un CMD sur sa division OTIS qui doit faire l’objet d’un spin-off au 2nd semestre 2020. Avant même de parler des perspectives, le groupe a fourni des détails (déjà dévoilés dans le 10K la semaine dernière) sur son activité 2019 et notamment les marges par segment. Otis est le #1 mondial des ascensoristes, devant Schindler, KONE et Thyssenkrupp Elevator Te...

Alfred Glaser ...
  • Delphine Brault

ODDO : Elevator companies: Otis unveiling its outlook ahead of the spin-off

>EBIT margin: 21% for services, 7% for new equipment - Yesterday, United Technologies held a CMD on its Otis division which is to be spun off in H2 2020. Before even mentioning the outlook, the group provided some details (already unveiled in the 10-K last week) on its activity in 2019, notably the margins by segment. Otis is the global number 1 elevator company, ahead of Schindler, KONE and thyssenkrupp Elevator Technologies. The group generated sales of $ ...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : US non-residential construction: +1.5% in 2020e and 0.9% in 2021e

>AIA forecasts updated last week - The American Institute of Architects published its forecasts for the non-residential construction market last week. Every six months, leading consultancy firms (Dodge Data, IHS Economics, ConstructConnect, Associated Builders & Contractors, etc.) publish their growth forecasts for the non-residential construction market for the next 12-24 months.The compilation of the latest data is presented on page 2 (including the size of eac...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction non résidentielle US : +1.5% en 2020e et + 0.9% en 2021e

>Les prévisions de l’AIA ont été mises à jour la semaine dernière - L'American Institute of Architects a publié la semaine dernière ses prévisions pour le marché de la construction non résidentielle. Chaque semestre, les principaux cabinets de conseil (Dodge Data, IHS Economics, ConstructConnect, Associated Builders & Contractors, etc.) publient leurs prévisions de croissance pour les 12 à 24 prochains mois.La compilation des derniers chiffres est présentée en pa...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/16/2020

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 02/12/2020

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2020

The market, whilst not totally complacent about the coronavirus epidemic, seems to liken the virus to the SARS epidemic in 2003. It is therefore betting on a very rapid exit from the crisis whilst ignoring the substantial increase in China's weight in the value chains, the macro consequences of which may be temporary but significant. In addition, the other risks (notably political) have not disappeared, even though our upside for the full year is almost used up (Stoxx 600 Dec. 20: 429...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/02/2020

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/02/2020

Le marché, sans être totalement complaisant vis-à-vis de l’épidémie de coronavirus, semble apparenter cette dernière à celle de SRAS en 2003. Il fait donc le pari d’une sortie de crise très rapide en ignorant l’accroissement considérable de poids de la Chine dans les chaines de valeur, les conséquences macro seront peut-être provisoires mais sensibles. Ajoutons à cela que les autres risques (notamment politiques) n’ont pas disparu alors que notre potentiel annuel est quasi consommé (S...

KNORR BREMSE AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of KNORR BREMSE AG (DE), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 12, 2019, the closing price was EUR 93.18 and its target price was estimated at EUR 86.43.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Pullback Opportunity Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially ...

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