BayWa AG : We lower our estimates and TP for the COVID-19 related impact
>2019 results came in below our estimates and the consensus - BayWa reported 2019 results below our estimates and the consensus. Group EBIT stood at € 188m, falling short of our estimate of € 220m and the consensus forecast of € 212m. The EBIT shortfall was trigged by the agricultural business. Here the company suffered from trade disputes, dry weather conditions and from a structural change in the German agri sourcing and trading environment. On the positive side, t...BayWa is a trading and service company. Co. operates in six business units: Agricultural Trade, which comprises trading in agricultural produce and operating resources; Fruit, which includes activities of fruit growing and trading; Agricultural Equipment, which provides agricultural equipment and services; Energy, which supplies heating oil, fuels, lubricants and wood pellets to customers; Renewable Energies, which provides customers services geared to project planning for wind power, biogas facilities and solar power plants; and Building Materials, which comprises building materials sales activities as well as the operation of DIY and garden centres of Co.'s Austrian group companies.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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