Report
Thomas J. Schiessle
EUR 190.00 For Business Accounts Only

COVID-19 lässt KPI` s in Q1 sinken – Guidance bestätigt

Der Jahresstart war uneinheitlich aber robust. Die COVID-19-Belastungen halbierten die Konzern-EBIT-Marge auf 3,2 %. Der Orderbestand stieg in Q1 auf € 509,4 Mio., die Visibilität ist eingeschränkt – doch die Guidance hat Bestand. Die Zielbranchen (Rail&Road; EV) setzen auf eine „U“-förmige Erholung ab dem H2/20. Zuvor, im Q2/20 ist u.E. mit hohen COVID-19-Belastungen zu rechnen, was u.E. vom Markt noch zu verarbeiten sein wird.

Das Chancen-/Risiko-Verhältnis scheint vorteilhaft; die Aktie im Peer-Vergleich recht günstig zu sein.

Wir nehmen die Coverage auf.

Underlying
Schaltbau Holding AG

Schaltbau Holding Ag. Schaltbau Holding AG is a Germany-based company, which develops and manufactures components for transportation technology and for the investment goods industry. It operates in the following segments: Mobile Transportation Technology; Stationary Transportation Technology and Components. The Mobile Transportation Technology segment offers door systems for buses and railway vehicles, fittings for sliding vehicle doors through the Bode Group, and solutions for the controlling and monitoring of trains as well as their communication with stationary safety and signal system technologies through Albatros S.L. The Stationary Transportation Technology segment offers railway signal technology, warning systems, rail point heating systems and maritime aids to navigation through the Pintsch Group, as well as Brake Systems, which provides industrial brake and crane brake systems through the Pintsch Bubenzer Group. The Components segment offers connectors and snap-action switches, among others.

Provider
EQUITS GmbH
EQUITS GmbH

EQUI.TS GmbH is an innovative, equity research boutique based in Frankfurt (Germany). It is operated by its original founders and has established a reputation as a quality research provider over a period of more than 10 years. Although it generally does not focus on any particular branch of industry, its analyses often revolve around technology and growth stocks.

Analysts
Thomas J. Schiessle

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