Brembo : Good performance does not warrant best-in-class valuation
>Q2 2021 results higher than expected, full-year targets increased - Brembo reported solid Q2 results that beat forecasts, in particular for the top line (8% above for sales, 6% for EBITDA), with slight sequential growth (+2%) while most suppliers and the market as a whole showed declines. The good Q2 allows the group to upgrade its 2021 targets, leading us to increase our EBITDA estimates for 2021/22/23 by +8%/+7%/+6%, with an at least similar impact expected for the...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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