Brembo : Normalisation should cool sentiment, downgrade to Underperform
>Slowdown in Q2, FY2023 guidance confirmed - Yesterday during trading hours Brembo reported Q2 sales of € 988m, +11% yoy but just +3% qoq. EBITDA came to € 176m, +14% yoy, but +4% qoq. Management blamed the slowdown on a demanding comparison base, raw material price deflation, and forex (120bp impact on growth). As regards the outlook, management said on the conference call that Q3 should be similar to Q2 (flat q-o-q and y-o-y), but that it expected acceleration in Q4...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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