How We Arrived at Our New FVE for GEA Group; Shares Attractive
Our lowered fair value estimate to EUR 38 from EUR 45 per share still implies substantial upside on the shares from current levels. We continue to find the shares as attractive. Below we step through how we arrived at our new fair value estimate.Our outlook on the demand for GEA's equipment remains largely unchanged, with a 4% revenue CAGR from 2021 onward. However, we expect a dip now in revenue in 2019 and return to growth in 2020, based on the new management's guidance. Our EBIT margin traj...
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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