GEA's New Division Structure Separates the Cream; Shares Attractive
After seven months on the board and just a few months at the helm, wide moat GEA’s new CEO, and CFO, presented a new divisional structure. Management did not give financial targets--these will come at the CMD in September. However, the new divisions highlight the out- and underperforming businesses--where management will focus the expected restructuring plan. We still think the stock is cheap, trading at a 34% discount to our EUR 38 fair value estimate. We see much low-hanging fruit in terms of ...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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