Schaeffler AG - Pref

  • TickerSHA
  • ISINDE000SHA0159
  • SectorAutomobiles & Parts
  • CountryGermany
Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Harald Eggeling

Schaeffler AG : Q2 2020 ahead of expectations, but the recovery might not be as steep as the consensus assumes. Neutral rating maintained

>Q2 2020 results beat expectations - Yesterday, Schaeffler reported Q2 2020 results above our and the consensus expectations.Q2 2020 group sales came in at € 2,292m (-36% y-o-y, -35% organic) ahead of both our (€ 2,254m) and the consensus estimate (€ 2,204m). The marked decline in group sales y-o-y mainly reflects plant shutdowns at automotive OEMs in Schaeffler’s key regions Europe and North America. Q2 2020 group EBIT before exceptionals of -€ 150m (-6.5% margi...

Schaeffler AG: 1 director bought

A director at Schaeffler AG bought 10,000 shares at 6.639EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Harald Eggeling

Schaeffler AG : Q2 2020 ahead of expectations, but the recovery might not be as steep as the consensus assumes. Neutral rating maintained

>Q2 2020 results beat expectations - Yesterday, Schaeffler reported Q2 2020 results above our and the consensus expectations.Q2 2020 group sales came in at € 2,292m (-36% y-o-y, -35% organic) ahead of both our (€ 2,254m) and the consensus estimate (€ 2,204m). The marked decline in group sales y-o-y mainly reflects plant shutdowns at automotive OEMs in Schaeffler’s key regions Europe and North America. Q2 2020 group EBIT before exceptionals of -€ 150m (-6.5% margi...

Harald Eggeling

Schaeffler AG : Soft Q2 2020e group EBIT ahead; estimates and target price lowered

>Soft Q2 2020 group EBIT likely in clearly negative territory - Schaeffler is to report Q1 2020 results on 4 August. We expect Q2 2020e group sales of € 2,254m (-37% y-o-y, organic -38% y-o-y) as the second quarter was mainly characterised by plant shutdowns at Automotive OEMs in Schaeffler’s key regions Europe and North America. Due to a clearly double-digit y-o-y decline in group sales and q-o-q increasingly limited options for further cost-cutting with a timely im...

Harald Eggeling

Schaeffler AG : Q1 2020 EBIT before exceptionals beat expectations; estimates and target price raised

>Broad-based Q1 2020 EBIT before special items beaten - Yesterday, Schaeffler reported Q1 2020 group sales of € 3,282m (-9% y-o-y organic) broadly in line with our estimates (€ 3,335m, -9% y-o-y organic) and consensus forecasts (€ 3,289m, -10% y-o-y organic). Q1 2020 group EBIT before exceptional items of € 215m (6.5% margin, -100bp y-o-y) came in above our estimates (€ 178m, 5.3% margin) and the consensus (€ 176m, 5.3% margin). This outperformance is broad-based, in ...

Harald Eggeling

Schaeffler AG : Challenging Q1 2020e ahead

>An estimated 35% y-o-y decline in Q1 2020e group EBIT before exceptionals - Schaeffler is to report Q1 2020 results on 6 May. We expect Q1 2020e group sales of € 3,335m (-8% y-o-y, organic -9% y-o-y) in a challenging environment mainly characterised by a marked y-o-y global decline in LV production following the outbreak of Covid-19 in China and with plant closures at key OEMs put in place at end-Q1 2020e in Europe and the US. On the back of a marked y-o-y decline ...

Harald Eggeling

Schaeffler AG : Focus on cash flow management while earnings are under pressure

>2019 results in line with our expectation, FCF better on the back of lower- than-expected capex and inventory - Schaeffler released 2019 results on 10 March. 2019 group sales came in at € 14.4bn (+0.1% y-o-y organic) in line with our estimate (€ 14.4bn). 2019 group EBIT before special items (bsi) stands at € 1,161m (8.1% margin, -160bp y-o-y), also in line with our estimate (€ 1,145m, 8.0% margin). Group FCF before M&A for 2019 of € 473m came in above guidance (€ 35...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/11/2019 - Intesa Sanpaolo - FR

Intesa SanPaolo (Achat) : RN en hausse de +9,9% à €3,3 mds (soit le niveau le plus élevé depuis 2008) sur les 9M-19 Hannover Re - 9M-19 : Résultat opérationnel de €1,4 md (+20,6%) Société Générale (Achat) - 9M-19 : RN de €2,6 mds (-24,5%) Casino (Achat CT, Conserver LT) : Lance son offre de rachat obligataire sur les souches 2020 Avis (Achat) - 9M-19 : EBITDA de $645m (+1%) Hertz Global Holdings (Vente) - 9M-19 : EBITDA de $595m (+54,9%) Orpea (Achat) : Relève son objectif pour 2019 et attend une croissance du CA de +9,2% Bureau ...

Markus Schmitt

IHO / Schaeffler : Wait until the dust settles

>Strengths / Opportunities - IHO Verwaltungs GmbH’s (IHO) sub-groups Schaeffler AG (Schaeffler) and Continental AG (Conti) are leading global automotive suppliers and technology leaders.Schaeffler and Conti dividend streams cover cash interest of IHO bonds by a substantial margin – even in a material downswing, cash interest could be paid and IHO bonds could absorb multiple downgrades before their relative value becomes unattractive.IHO owns 75.1% of Schaeff...

Markus Schmitt

IHO / Schaeffler : Wait until the dust settles

>Strengths / Opportunities - IHO Verwaltungs GmbH’s (IHO) sub-groups Schaeffler AG (Schaeffler) and Continental AG (Conti) are leading global automotive suppliers and technology leaders.Schaeffler and Conti dividend streams cover cash interest of IHO bonds by a substantial margin – even in a material downswing, cash interest could be paid and IHO bonds could absorb multiple downgrades before their relative value becomes unattractive.IHO owns 75.1% of Schaeff...

Schaeffler AG: Update to discussion of key credit factors

CORPORATES CREDIT OPINION 17 October 2017 Update RATINGS Schaeffler AG Domicile Germany Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Martin Fujerik 49-69-70730-909

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/02/2020

Iberdrola is a strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR of 99%). Amongst the pioneers in renewable energies, the group boasts a leadership position and is set to continue its development in offshore wind power. Cf report published last evening. - ...

Alfred Glaser ...
  • Delphine Brault
  • Harald Eggeling
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/07/2020

Iberdrola est la référence stratégique dans l'univers des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive de ses actionnaires (TSR de 99%). Parmi les pionniers dans les énergies renouvelables, le groupe affiche une position de leader et va poursuivre ses développements dans l’éolien maritime. - Cf. étude publiée hier soir. - ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

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Despite a better risk assessment and improving to Neutral, SCHAEFFLER remains under pressure

SCHAEFFLER (DE), a company active in the Auto Parts industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date March 6, 2020, the closing price was EUR 7.43 and its target price was estimated at EUR 7.06.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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