Delfingen Industry - Return to initial margin guidance after a slightly disappointing Q4
Q4 growth (+5% organic) but confirms slowdown after excellent H1 (+14% organic)After a slightly more complicated H2 than expected, the Group has lowered its operating margin guidance (6% vs. 6.5%)A slightly less demanding valuation since our last paper, but an automotive market still without much visibilityHigh ambitions for the next 2 years, creating a risk of newsflow disappointmentWe are back at BUY (vs. ADD) after the fall in the share price following this latest publication, which was deemed disappointing, as Delfingen's positioning in automotive electrification seems promising.Delfingen Industry is a holding company. Through its subsidiaries, Co. is engaged in the manufacture and distribution of protected, insulated electric cabling for use in land, sea and air based vehicles. Co. has developed applications for other markets that can be classified into five groups: Construction industry- tube sheathing for sanitary hydro-cabling; Sanitary equipment- water evacuation products; Household appliances- protection of electric functions, machine joints, drain pipes, etc.; Industry- technical protection solutions for electric cables (transformers, cabinets, etc.), Miscellaneous- protection items for industries as varied as the naval, furniture and gardening industry, etc.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.