Brembo : Good performance, but not enough to justify best-in-class valuation
>Q1 beat expectations - Brembo reported Q1 sales of € 675m, beating expectations (FactSet consensus of € 641m), with growth of 17.2% y-o-y, including +20.2% l-f-l before consolidating the contribution from SBS Friction (+0.7 pt), and the unfavourable forex impact (-370bp). EBITDA came in at € 135.6m (+32.9% y-o-y), or a 20.1% margin (+240bp y-o-y), also beating expectations (€ 124.0m est., 19.3% margin). Same effect for EBIT (€ 83.7m, +66% y-o-y vs css € 71.3m) and...Brembo operates in the field of components for the motor vehicle industry, designing, manufacturing and marketing disc braking systems. The product ranges includes performance brake calipers, brake discs, wheel side assemblies, complete braking systems and integrated engineering services that accompany the development of new vehicle models marketed by car and motorbike manufacturers. Co.'s products and services are employed on cars, commercial vehicles, and motorbikes, as well as in racing. Co. is divided into several manufacturing and marketing units which Co. coordinates.
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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