GEA’s Oversized Manufacturing Footprint and High Cost Base Offers Long-Term Margin Upside
We are lowering our fair value estimate for GEA group to EUR 38 from EUR 45 per share, but are maintaining our wide moat rating. In his first move, GEA's new CEO seems to be resetting the bar lower with a lower revenue and margin outlook for 2019 versus 2018, indicating that we won't see the benefits from restructuring this year. He also abandoned previous management's medium-term targets, which was expected. Preliminary results for 2018 showed revenue growth in line with expectations, growing a...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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