GEA Group's Third Quarter in Line; Although With Some Signs of Potential for Margin Improvements
GEA Group reported third-quarter results with no great surprises as the company had already prereleased results. We retain our wide moat rating and EUR 45 fair value estimate. Today's results did bring more details including a recovery in margins on the equipment side, up to 14.4% from 8.6% in the first quarter, a large order backlog build up that should help margins going forward, but a still frustratingly high level of receivables.The EBIT margin remains well below midcycle levels at 9.4% in ...
GEA Group focuses on the development and production of process technology and components for production methods. Co. segments include: GEA Food Solutions, which manufactures machinery for preparing, marinating, processing, cutting, and packaging meat, poultry, and other foods; GEA Farm Technologies, which manufacturers product solutions for milk production and livestock farming; GEA Mechanical Equipment, which concentrates in separators, decanters, valves, pumps, and homogenizers; GEA Process Engineering, which designs and develops of process solutions for the pharmaceutical, and chemical industries; and GEA Refrigeration Technologies, which concentrates in refrigeration technology.
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