GEA Group Continues to Show Margin Weakness With Another Profit Warning; FVE Unchanged
GEA's profit warning gives activist shareholders Elliott Management and GBL fuel to make the case for more aggressive cost restructuring, as well as knocking management's credibility, which was already pretty low. On an organic basis, revenue growth was solid in 2017 and the outlook for 2018 is fairly mediocre, but the margin implies that the firm is not improving and may even see a few basis points of weakness for 2018. We retain our EUR 47 fair value estimate and wide moat rating.Organic reve...
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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