HELLA | A less unattractive risk/reward profile
During a one day road-show organised in Paris last week, the group’s CFO reiterated mid-term targets to post 5-10% YoY growth every year while maintaining EBIT margin at around 8%, thanks to a good product positioning and strict control of SG&A costs. We have slightly upgraded our short-term estimates notably for the lighting business, while remaining more cautious than management for electronics. The stock now looks more affordable than before, leading us to upgrade our recommendation from Sell to Neutral while lifting our FV from EUR48 to EUR51 per share.
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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