Continental: H1-18 earnings: first take: 2018 targets reiterated despite WLTP
Continental: (NEUTRAL, Fair Value EUR195 (-1%))H1-18 earnings: first take: 2018 targets reiterated despite WLTP
Continental posted this morning Q2 metrics showing signs of improvements compared with Q1. Organic sales growth accelerated while profitability improved. 2018 targets were confirmed despite risks of production slowdown in Q3 in Europe due to WLTP. The CEO indicated it expects a strong production recovery over Q4. We still have difficulties to find upside on latest share price even when valuing the group only through a SOTP (€219/sh). As for now we stick to our €195/sh FV with Neutral rating unchanged.
Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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