Un T2 faible, estimations maintenues, oc abaissé - NEUTRE - OC 196€ (vs 206€)
Le groupe a publié un S1 marqué par une inflexion de la croissance de l’activité automobile au T2 entrainant un EBITA et un FCF en dessous des attentes. De plus, l’impact prix des matières premières sur l’activité Pneu et l’effet négatif de l’intégration des croissances externes dans ContiTech ont pesé. Les guidances 2017 sont marginalement ajustées en hausse sur le CA (44 Mds€ vs > 43,5 Mds€). Malgré la faiblesse du T2 et des points d’incertitude sur le S2 nous maintenons notre BNA 2017, soit une croissance de +12,5% qui devient « exigeante » au regard du S1 (-8,7%). Notre OC est abaissé à 196€ (vs 206€) sous l’effet des paramètres de marché. NEUTRE réitéré.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.
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