Brembo : Sales resilient but margins far less so
>Q3 a shade below our forecasts, 2021 broadly unchanged - Brembo’s Q3 results came ahead of our expectations on sales but a shade below on earnings (-5% on EBITDA, -10% on EBIT, -11% on net income), reflecting a sharp margin deterioration (-350bp q-o-q/-330bp y-o-y) due to input cost inflation and customer call-off volatility. Despite its expectation that some of these costs should be recovered in the coming quarters, Brembo lowers its 2021 EBITDA margin target. All t...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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