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BRAIN AG : Downgrade to Neutral, TP cut to € 23 (€ 26) on negative newsflow and weak 9M results
>9M 2017-18 results: Top line as expected, but EBIT below our estimates - BRAIN published its 9M 2017-18 results today with 1) total operating performance (TOP) up 6% yoy to € 20.5m (Oddo BHFe: € 21m, 9M 16-17: € 19.6m) and 2) adj. EBIT down 15.9% yoy to € -5.1m (Oddo BHFe: € -3m, 9M 16-17: € -4.4m). While the group top line was in line with expectations, adj. EBIT missed our expectations and declined in both segments.The BioScience segment posted a -17.6% yoy de...
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Oddo BHF
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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