GEA Issues Another Profit Warning; Revenue Looks Good, Margins Still Disappointing
GEA Group issued yet another margin profit warning with full-year 2018 revenue revised up 1% on the high end of the previous range, while management lowered the expected EBITDA margin by 90 basis points, with a net effect of a 5% decrease in EBITDA. We retain our wide moat rating but adjust our fair value estimate down to EUR 45 from EUR 47. However, we see value in shares at the current level. While the company's guidance on its margins has been woeful in the past two years, in part due to weak...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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